The Northern Miner April 17 2023 Issue 7

Stuart ‘Tookie’ Angus remembered as a ‘rainmaker,’ mentor, and ‘brilliant’ lawyer

OBITUARY | ‘He became. . . not merely one of our lawyers, but rather one of us’

Glencore sweetens offer for Teck

TECK.A/TECK.B;

The revised proposal, announced on Apr. 11, gives Teck’s shareholders the option to receive cash instead of exposure to the companies’ combined coal portfolio, plus a 24% stake of the combined metals-focused business.

The Swiss miner and commodities trader’s original all-stock deal was to acquire Teck and then separate itself into two companies, with one unit holding assets in thermal and metallurgical coal, as well as oil, and the other containing its base metals portfolio.

Teck’s chief executive Jonathan Price, who took the company’s top job in September, said on Apr. 10 that Glencore’s original proposal was structurally flawed and “a complete non-starter.”

Our

Price added that an acquisition by Glencore would destroy value for the company’s shareholders as it would reduce their exposure to copper and expose them to “significant jurisdictional, ESG [environmental, social and corporate governance] and execution risks.”

But with its fresh offer, Glencore said it would effectively buy Teck’s shareholders out of their coal exposure. It acknowledged that certain investors may prefer a full coal exit while others may just want to cut their thermal coal exposure.

Glencore CEO Gary Nagle said Teck should review the sweetened deal and delay the vote on its own plans to split the business, which is scheduled for Apr. 26.

“We believe that it is in your shareholders’ interests to engage with Glencore and we see no valid reason not to delay your shareholders meeting,” Nagle said in a statement.

See TECK / 5

The Howe Street investment community is grieving the loss of industry veteran Stuart ‘Tookie’ Angus.

Angus, who leaves a deep mark after a 50-year career in the industry, peacefully passed surrounded by loved ones on Mar. 24 at the age of 74.

Those who knew Angus say his empathy for other people, deep understanding of finance and mining, and exceptional work ethic made him indispensable in the tightly knit Vancouver mineral exploration and mining industry.

“Tookie put people together, he mentored and advised a whole generation of geologists and promoters on how to make good deals, and he was integrally involved in mergers valued at over $8 billion,” says industry heavyweight Ross Beaty, who first met Angus in 1978 and says he was ultimately involved in more than 5,000 transactions.

“He got deals completed, something few lawyers know how to do. He was a vibrant, dynamic and brilliant business lawyer who was an integral part of the Vancouver and Canadian mining scene for decades.”

Beaty, who counted Angus as a close friend as well as a business colleague, credits Angus, who was a director of his first company, with helping him sell it to a U.S. mining firm in 1994.

Angus integrated himself into the industry because he was interested in it, Beaty says. “He voraciously read mining publications

The Northern Miner, got to know the dealmakers, and was smart and enjoyable to work with,” he says.

Angus had an extensive legal and mining background, starting with his graduation from the University of British Columbia with a Bachelor of Law degree. During his career, he founded Fasken’s Global Mining Group, leading the practice for five years before moving to Endeavour Financial where he and served as managing director of mergers and acquisitions. He was also a retired member of the Law Society of British Colum-

bia, and served as a director or advisor to countless juniors over the years.

Beaty especially liked Angus’s enthusiasm for deals and for people

See ANGUS / 7

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You, your project, and the nancier are on different continents…

We’re your common ground.

global experience gives you expert integrated solutions at every phase of your mining project

NYSE: TECK) by adding a US$8.2-billion cash component to its original US$23-billion bid for Canada’s largest diversified miner.

Teck Resources’ Highland Valley Copper mine in B.C. TECK RESOURCES

Stuart ‘Tookie’ Angus

Robertson GeoConsultants (RGC) and SRK Global today announced the passing of Andy Robertson on March 29. Andy was a founder of both companies. He was 79.

Andy was born in Pretoria, South Africa, and moved to Vancouver, Canada, in 1977.

Our hearts are with his family, as we share in their loss. A celebration of life will be held within the next few months.

We invite you to read about his life and history with SRK and RGC below.

Dr. Andrew (Andy) MacGregor Robertson was born in 1943 in Pretoria, South Africa, where he was exposed to mining from a very young age. In 1966, he graduated with a BSc in Civil Engineering from the University of Witwatersrand in Johannesburg, South Africa, and completed his PhD there in 1977.

Over the next 50+ years, Andy’s remarkable consulting career developed serving the mining industry with a strong focus on improving mine waste management practices to reduce the environmental footprint of mining. During this time, he cofounded two very successful mining consulting firms, a mine planning software company, and a mining technology company.

In February 2014, Andy was inducted into the International Mining Technology Hall of Fame for his work in environmental management and stewardship.

Well before that honor, in 1974 when Andy was just 30 years old, he, Oskar Steffen, and Hendrik Kirsten formed Steffen, Robertson & Kirsten in Johannesburg, South Africa. At the time, SRK was the only consulting firm in Africa to specialize in mining geotechnics.

Four years later in 1977, Andy moved to Canada to start the first international branch of what became SRK Consulting. Several offices in the US were formed under his guidance. In these early formative years of the company, he provided strong guidance and mentorship to many young engineers and geoscientists. Many went on to develop distinguished careers within SRK as well as other consulting or mining companies. Today, SRK has over 1600 employees worldwide in 40+ offices.

In addition to SRK, Andy developed several other companies that serve the mining industry. He supported the development of Gemcom in 1981, the mining industry’s first PC-based exploration database as well as ore deposit modelling, and open pit mine planning software system. In 2012, Gemcom was sold to Dassault Systèmes, owner of GEOVIA.

In 1989, Andy launched InfoMine, with the vision of making mining information more widely available. He spearheaded the digital strategy that became the cornerstone of the company and under his leadership, InfoMine expanded to include EduMine.com (training), CareerMine (recruitment), and Mining.com (news).

In 1995, Andy founded Robertson GeoConsultants, a specialised, international mining consultancy based in Vancouver, BC. His consulting practice included serving on several peer-review panels and independent review boards for some of the highest and most challenging tailing dams in the world.

From the 1980s to 2000, Andy worked on foundational research for the testing, prediction, and control of acid rock drainage (ARD). He was a contributing member of the British Columbia ARD Task Force from 1985 to 1990, which published some of the industry’s first ARD guidelines. Andy wrote or contributed to industry technical guides on mine waste management, uranium mill waste disposal, and guidelines for the rehabilitation of mines. These guidelines established the foundation for environmental best practices in the industry.

Andy’s interest in raising industry standards was a pervasive theme through his work. He was instrumental in pioneering the use of failure mode and effects analysis (FMEA)—one of the first systematic techniques for failure analysis—and multiple accounts analysis (MAA) for engineered solutions in the mining industry. In the late 1990s, he published several papers on the use of FMEA and MAA that are still commonly referenced today in the mining industry.

During his career, Andy worked tirelessly to protect the environment, communities, water quality, and water supplies. He leveraged his background in rock mechanics, geotechnical engineering, and geochemistry to raise the bar for environmental stewardship within the industry and for the work products he delivered.

Andy was passionate about improving the design, construction, operation, and closure of tailings dams. To make tailings dams safer, he advocated for improving the technology used for the design, construction, and long-term stability of tailing dams; for fiscal responsibility in the construction and operation of these dams; and for governance so today’s designs account for the needs of future generations and changes in societal expectations.

Beside Andy’s brilliant mind, business acumen, and ability to spot talent, he was also admired for his humility, kindness, and generosity. Andy was always willing to share his knowledge through publications, courses, and countless meetings and discussions. His legacy will live on in all the engineers and scientists he has mentored over his remarkably long and successful career. Truly a great man!

Federal budget gives clean tech and critical minerals a $21B push

OTTAWA | Includes a 30% tax credit for clean tech, promises to quicken mining approvals

BY COLIN MCCLELLAND

Ottawa plans to spend $21 billion over five years on clean technology in one of the main platforms affecting the mining industry contained in this year’s annual federal budget.

Finance Minister Chrystia Freeland said the amount, including a 30% investment tax credit to boost clean-tech manufacturing, especially in the electric vehicle (EV) supply chain, could expand to $80 billion by 2034.

“We are going to make Canada a reliable supplier of clean energy to the world,” Freeland said in Parliament on Mar. 28. “And, from critical minerals to electric vehicles, we are going to ensure that Canadian workers mine, and process, and build, and sell the goods and the resources that our allies need.”

The tax credit for capital investments in manufacturing equipment will apply to purchases of equipment used to extract and process critical minerals used in EVs and to purchase equipment used in manufacturing along the entire EV supply chain, including for batteries.

Pierre Gratton, president and CEO of the Canadian Mining Association, welcomed the budget initiatives.

“I am optimistic that with these new measures Canada will be able to attract new private sector investment

into Canada’s mining, smelting and refining industry, creating well-paid jobs for Indigenous and non-Indigenous Canadians across the country,” Gratton said in a statement.

Freeland had promised to boost Canada’s green energy stimulus after the United States approved the Inflation Reduction Act last year. It provides nearly US$370 billion in incentives for investing in clean technology.

Tied to minerals strategy

Last year, Canada approved nearly $3.8 billion for spending until 2030 in its critical minerals strategy. It included $1.5 billion for infrastructure, roads and power lines, the same amount for projects, as well as money for research and development, such as geoscience.

The clean technology subsidies announced in this year’s budget are to be based on the wages earned by workers in the companies applying for aid; the higher the wages, the more financial help they would qualify for, according to the budget.

The budget also contains a 15% refundable tax credit for eligible investments in non-emitting electricity generation systems. These also include abated natural gas electricity-fired electricity generation, stationary electricity storage systems, and equipment for the transmission of electricity between provinces and territories.

There’s also a commitment to improve the efficiency of the impact assessment and permitting processes for major projects by the end of 2023.

The budget formalizes amounts contained in last year’s critical minerals strategy, such as re-allocating $1.5 billion within the Strategic Innovation Fund to support projects in sectors including clean technologies, critical minerals and industrial transformation. It also marks $1.5 billion of the critical minerals infrastructure fund to help pay for energy and transportation projects associated with critical minerals.

The Liberal government also said it would support loans to Indigenous communities to help them purchase equity stakes in major projects through the Canada Infrastructure Bank.

Regarding the total amount of spending, Canada’s budget deficit will expand to $40.1 billion next year instead of shrinking to a balanced budget by 2028, as put forward in the fall economic statement last year, because of greater chances of a recession and higher debt servicing costs.

The country recorded a deficit of $6.44 billion in the first 10 months of the 2022-2023 fiscal year, compared with a deficit of $75.29 billion during the same period in the last fiscal year, the finance ministry said. TNM

‘There will be no Ring of Fire’ chant First Nation leaders in Ontario legislature

INDIGENOUS RIGHTS | Three connecting roads proposed for RoF

BY HENRY LAZENBY

Two ranking leaders of an Ontario First Nation were forced to leave the provincial legislature on Mar. 29 after rowdily accusing the Doug Ford government of failing to consult them about mining development in northern Ontario’s Ring of Fire region.

The leaders of Neskantaga and four other First Nations, including about 80 community members, travelled to Queen’s Park from northern Ontario and appealed to the Ford government to halt mining development until the Indigenous communities have been consulted.

“There will not be a Ring of Fire. [There has been] no free and prior informed consent,” Christopher Moonias, inbound chief of Neskantaga, shouted at a steel-faced Premier Ford from the legislature gallery on Mar. 29. “Doug Ford, you come and meet me.”

Moonias was shortly after escorted out of the room. Wayne Moonias, the current chief of Neskantaga, who joined Christopher in a chant against the Ring of Fire, was also escorted out.

Responding to allegations of a lack of consultations about the Ring of Fire during the session, Ontario’s Minister of Indigenous Affairs, Greg Rickford, told the legislature that the Ford government is focused on “consensus and rela-

tionship building.”

At least six provincial and federal environmental studies are underway to build the first road into the emerging Ring of Fire mining camp. It would connect the regional highway network to the development — but could cost at least $2 billion. Ford’s government has pledged $1 billion and repeatedly asked the federal government to match its commitment.

The Marten Falls and Webequie First Nations are the proponents for the road, which is proposed to be developed in three segments and are leading consultation processes with at least nine other First Nations communities. They are also leading an environmental assessment process for the 200-km Marten Falls access road, a 107-km road between Webequie

and the Ring of Fire, and the 155km Northern Link road to connect the two roads.

Several other First Nations whose traditional territories edge the Ring of Fire, 540 km northeast of Thunder Bay, Ont., are fervently opposed and argue they have not been adequately consulted in the development process.

Ring of Fire Metals’ Eagle’s Nest is the area’s most advanced project. According to a 2012 feasibility study, it has proven and probable reserves of 11.1 million tonnes grading 1.68% nickel, 0.87% copper, 0.87 gram platinum per tonne, 3.09 grams palladium and 0.18 gram gold.

Ring of Fire acquired the assets via a takeover of Noront

Christopher Moonias, inbound chief of Neskantaga First Nation, confronts Ontario Premier Doug Ford in the Legislature on Mar. 29. ALAN S HALE/TWITTER

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COMMENTARY

What the EU’s Critical Raw Materials Act means to miners

New act’s ambitious goals lack legal force

BY ROBERT BRADSHAW Special to The Northern Miner

BY ALISHA HIYATE

The mining industry has a well-established brand, but it could use a spit shine. Although the sector has made tremendous advances in lowering its environmental impact and creating more positive social impacts, it’s still seen by many as dangerous, polluting, exclusionary and a technological laggard.

This may be starting to change. Awareness of the importance of critical minerals to the technology that people know and love has grown, aided by Tesla CEO Elon Musk’s pleas for miners to “mine more nickel” and his musings that the EV manufacturer could get into lithium mining itself.

A public opinion survey commissioned by the Mining Association of Canada (MAC) and conducted by Abacus Data in 2022 found that, at least in Canada, the mining sector has finally moved to being seen as a contributor to climate change solutions rather than just a contributor to climate change.

Within Canada, the recognition that the industry creates well-paying jobs and contributes to the economy also seems to engender support, with 80% of respondents saying they have a positive impression of metals and minerals producers in the country. MAC noted that support for new mining projects in Canada rose to 67% of respondents in the survey, up from 61% the previous year, and that rose further to 83% support if respondents knew the projects would have a plan to reduce greenhouse gas emissions.

But the lack of interest among younger talent in joining the sector shows there’s still a long way to go to win the public over. Even though Gen Z, who are just entering the workforce now, seek work that offers purpose and a chance to make a difference and also feel existential anxiety about climate change, they are not inspired by a career in mining, despite its central role in the energy transition.

Failure to attract — and keep — talent

In a February 2023 post entitled: “Has mining lost its luster? Why talent is moving elsewhere and how to bring them back,” consulting firm McKinsey & Co. noted that enrolment in mining engineering programs has dropped by a staggering 63% since 2014 in Australia, while mining program graduations in the United States have fallen by 39% since 2016.

“Mining is not currently an aspirational industry for young technical talent to join,” the report’s authors wrote.

“Recent public failures of the industry relating to safety, destruction of Indigenous cultural sites, and workplace culture have also adversely affected the mining sector’s ability to attract talent. Accordingly, we expect that the mining industry will be asked to make significant progress in coming years around increased accountability for ESG issues, scaling of renewables on-site, automation, and a changing associated workforce.”

Neither is the mining sector able to retain the talent it already has. According to McKinsey, mining job vacancies in Australia have more than doubled since February 2020.

“The employee value proposition in mining has started to deteriorate and this is showing up in industry data, with demand outstripping the supply of mining talent,” wrote the authors.

Now that the push for a secure Western supply of critical minerals and manufacturing is truly on, it’s past time for the mining sector to step up its engagement with society. The billions in commitments from the Canadian government in their 2022 and 2023 budgets (see page 2) and hundreds of billions of dollars from the U.S. government for the energy transition (see last week’s editorial), represent a level of support from Western governments that hasn’t been seen in generations — and that many have compared to a war-time like effort. There’s a risk that this investment could get ahead of public support for mining, as well as the mining sector’s ability to attract talent.

A couple of current trends could make a big difference.

The recent willingness of automakers such as Stellantis and General Motors to invest in mining companies could provide a golden opportunity for miners, who don’t sell anything to consumers directly, to connect with the public.

And with mining companies now able to measure their Scope 1 and 2 emissions, their water intensity, and other impacts, and making headway on Scope 3 emissions (which are indirect emissions created offsite), they are closer than ever before to being able to demonstrate that mining can be a positive for the environment, for communities, and for society. TNM

The EU published its proposed Critical Raw Materials Act (CRMA) on Mar. 16, with the ambitious goal of “establishing a framework for ensuring a secure and sustainable supply of critical raw materials.” While the proposal contains much to be celebrated, the question remains whether the proposed legal framework goes far enough to make the EU’s goals a reality.

The European Commission has set out the EU’s critical raw materials problem in stark terms. The EU is heavily reliant on imports of minerals like lithium, cobalt, copper and rare earth elements that are critical to strategic sectors of the economy and the energy transition. Many of those imports come from a handful of countries or even a single country: the EU sources 98% of its rare earths and 97% of its magnesium from China. EU members are concerned that supplies could face disruption, price hikes or be used as a geopolitical tool (as seen with Russian oil and gas). Supply chain risks are compounded by ballooning demand from the renewable energy and tech sectors, with EU demand for rare earths set to grow five times, and lithium twelve times, by 2030.

What the CRMA says…

As announced last September, the proposed CRMA intends to break this “quasi-monopoly” with a two-fold approach.

First, the CRMA aims to reduce reliance on imports by promoting extraction, processing and recycling of critical raw materials within the EU. This means investing in Europe’s untapped resources, including rare earths in Sweden; lithium in France, Germany, Spain and Portugal; and magnesium and graphite in Romania. The CRMA will oblige EU member states to draw up national exploration programs and to designate a national authority as a “one-stop shop” for permitting critical raw material projects. Mining projects designated by the European Commission as “strategic projects” will benefit from a streamlined permitting process lasting a maximum of two years, as well as EU support in facilitating financing and offtake agreements.

Second, the CRMA envisages that “strategic partnerships” with non-EU states will diversify imports, making supply chains more resilient. To date, the EU has concluded partnerships with Canada, Ukraine, Kazakhstan and Namibia to foster cooperation on trade and investment in critical raw materials. Talks between the EU and U.S. are underway on a similar partnership. The EU also plans to improve bargaining power by creating a club of authorities and businesses to jointly purchase the most vital critical raw materials, so-called “strategic raw materials” like boron, copper, cobalt, lithium and platinum.

Accompanying these reforms are ambitious targets. By 2030, the

EU aims to extract 10% and process 40% of its strategic raw material needs domestically. No single country should account for more than 65% of the EU’s annual consumption of any one strategic raw material.

… and what it doesn’t

The CRMA sends the right messages and has been welcomed by the industry, even though it will have to pass through the European Parliament and Council before it can become law, something that will take some time. But while the EU may talk the talk, there is doubt over whether the CRMA contains enough detail and legal force to support its ambitions. The EU’s targets are aspirational, with no legal mechanism to enforce them. Similarly, its vaunted strategic partnerships, as the proposed CRMA acknowledges, are established only in “non-binding” instruments.

Given that it champions more non-binding partnerships with resource-rich nations, it is perhaps surprising that the CRMA does not mention existing binding instruments – namely, treaties for the promotion and protection of investments, in particular bilateral investment treaties (BITs). Those treaties play a key role in protecting mining investments and resolving disputes.

Explorers, developers and producers in critical raw materials, like other mining companies, must reckon with the risk of disputes with host governments. In the past year alone, legal claims have been threatened or launched against the Democratic Republic of the Congo (DRC), Chile, Panama and Denmark over the authorities’ alleged unfair treatment of critical raw material projects. Issues with host governments – ranging from disagreements over royalties to blockades of mines – can bring supply chains grinding to a halt. The risk is particularly acute for critical raw materials given their strategic importance, which is only likely to grow. Political risk, whether in the form of nationalization, bans on ore exports or other measures, may make shareholders and financiers think twice before sinking the billions needed into exploring and extracting new resources.

Where disputes arise, one of the first questions investors ask is, “what are my rights?” – which is where BITs come in. BITs provide investors with safeguards against hostile government action, such as expropriation or discriminatory treatment, and often provide a neutral forum to resolve disputes with the host government as an alternative to the local courts. The EU has begun to include investment protection chapters, covering many of the same protections as BITs, into free trade agreements like those with Canada and Singapore.

In its communication accompanying the CRMA, the European Commission notes the role of the EU’s trade and investment agreements in creating an “investor friendly, predictable and stable” business environment. It points

Osisko Mining leads week’s gold assays at Windfall in Quebec

BY BLAIR MCBRIDE

Our TNM Drill Down features highlights of the top gold assays of the past week. Drill holes are ranked by gold grade x width, as identified by our sister company Mining Intelligence.

The top gold assays for the week Mar. 31-Apr. 6 come from projects in the Americas — specifically, Canada and Bolivia. Osisko Mining (TSX: OSK) leads the rankings for the week with its Windfall project in Quebec. On Apr. 5, the company reported that hole WST-22-1218 returned 2.1 metres grading 286 grams gold per tonne from 234 metres depth, for a grade x width value of 601. WST-22-1218 was drilled as part of a targeted feasibility study surface drill campaign that was completed in September at Windfall, in the Abitibi greenstone belt in the Eeyou Istchee James Bay region.

Over the past six months, Osisko has drilled more than 55,000 metres across 45 holes that have targeted expansion and infill work at the Lynx segment of Windfall. The holes are aimed at upgrading inferred resources to measured or

to the EU’s trade deal with Chile agreed in December 2022, which includes an investment protection chapter covering EU investors in Chile and vice versa. Chile, notably, accounts for more than 60% of the EU’s lithium imports. The European Commission intends to expand the EU’s network of trade and investment agreements, which it describes as “complementary” to the strategic partnerships on critical raw materials.

It’s a promising move but there is a long way to go before new trade and investment treaties can enter into force. Even once the ink is dry on the EU-Chile agreement, it must be ratified by all 27 EU member states (a process which has lasted almost nine years in the case of the EU-Canada Comprehensive Economic and Trade Agreement). In

TECK from 1

Copper booty

Experts had anticipated that Teck’s decision to split the business in two would make it a takeover target. The company owns four copper mines in South America and Canada, which produced 270,000 tonnes combined last year.

Teck also expects to double copper output after the second phase of its Quebrada Blanca (QB) project in Chile ramps up to full capacity by the end of 2023.

Glencore believes that operating Quebrada Blanca jointly with the nearby Collahuasi mine, in which the Swiss multinational holds a 44% stake, would add at least US$1 billion of value to its coffers.

Top miners are hungry for copper assets as demand for the metal accelerates and a global shortfall looms. BHP, Rio Tinto and Glencore itself have disclosed that they are actively looking to grow their copper exposure.

indicated. According to a feasibility study published in November, the project has probable reserves of 12.1 million tonnes grading 8.1 grams gold for 3.2 million oz. of contained metal. Measured resources total 811,000 tonnes grading 11.4 grams grams gold for 297,000 oz., indicated resources come to 10.2 million tonnes grading 11.4 grams

the meantime, investors in many resource-rich countries may be left without treaty protection. The DRC, for example, produces around 70% of the world’s cobalt but has BITs in force with only two EU members, France and Germany.

Where does this leave miners? If passed, the CRMA should make the EU a more attractive investment destination for critical raw materials projects. But, for both miners investing in the EU and those investing in other countries who are planning to supply the EU’s critical raw material demand, it is important to regard the legal framework beyond just the CRMA. That includes structuring investments — or reviewing existing investments — to optimize their protection under existing BITs or other investment treaties. When planning a project as a foreign investor, it is arguably as important to con-

For Glencore, acquiring Teck would be its biggest acquisition since buying Xstrata in 2012 and it would “unlock approximately US$4.25 billion — US$5.25 billion of post-tax synergy value,” according to the company.

Teck’s controlling shareholder, Norman Keevil, has said he would not sell to a foreign company at any price.

He already has the support of key stakeholders, including gold magnate Pierre Lassonde, who told The Globe and Mail he’s planning to buy a stake in Teck’s spinoff coal company to protect it from a foreign takeover.

Top Teck investor backs its separation plan Egerton Capital UK, the seventh-largest holder of Teck’s class B shares, has also said it will back the miner’s restructuring plans.

Teddy Molson, a partner with Egerton, told Bloomberg News he believes that splitting Teck into two

gold for 3.7 million oz.; and inferred resources total 12.2 million tonnes grading 8.4 grams gold for 3.3 million ounces.

The second-best gold assay of the week came from New Found Gold’s (TSXV: NFG) Iceberg discovery at its Queensway project in Newfoundland. On Apr. 4, the company

sider investment treaties as it is to consider the tax treaties in force. Waiting until a dispute is on the horizon often proves to be too late. Rather, taking advice at an early stage is essential, especially as political risk is one barrier to investment that the CRMA does not address.

reported that hole NFGC-231141 returned 10.6 metres grading 35.6 grams gold, for a grade x width value of 377. That hole was a 50-metre step-down from hole NFGC-23-1120, which cut 29.8 metres of 49.7 grams gold and 3.8 metres of 14.6 grams gold, as reported in March. Iceberg is a high-grade zone located northeast of the Keats Main area, along the prospective Appleton Fault Zone.

part of the wider 500,000-metre program at Queensway.

So let’s hear two cheers for the CRMA. The EU is taking the problem of critical raw material supplies seriously and has set itself the worthy ambition of promoting investment in mining. But to secure supplies and satisfy the explosion in demand, it will take more than just voluntary targets and partnerships — investment protection needs to be part of the solution too.

Robert Bradshaw is an international disputes lawyer at LALIVE practicing in the mining and energy sectors. The opinions expressed in this article are his own.

Mineralization at Iceberg starts at surface and drilling has traced it along more than 50 metres of strike and more than 80 metres down-dip. It remains open along strike and to depth. Drilling continues inside the projection of the prospective Keats-Baseline Fault Zone in search of more near-surface high-grade gold mineralization,

TNM

autonomous companies is “much more attractive” to prospective buyers.

The firm owns 2.25% of Teck’s class B shares, which makes it the seventh-largest holder of the stock.

Teck operates under dual-class structure in which the family of octogenarian mining mogul Norman Keevil owns the majority of class A “supervoting” shares, each worth 100 votes. The class B shares are worth one vote each.

The business split requires twothirds support from both class A and class B shares, meaning that investors with a small percentage of the total voting rights could have the power to sink the company’s vision.

The Vancouver-based miner is urging investors to back the proposed restructuring while fending off Glencore’s bid.

If Glencore ends up acquiring Teck, the deal would go down in history as one of the world’s biggest-ever mining takeovers. TNM

The third-best drill assay for the week comes from New Pacific Metals’ (TSX: NUAG) Carangas project in western Bolivia. Hole DCAr0112 returned 306.9 metres from 359.5 metres depth grading 1.2 grams gold per tonne, for a grade x width value of 368. On Apr. 6, the company reported assay results of the last 29 holes from its 2022 program, 10 of which are deep holes drilled in locations towards the Central Valley anomaly that overlays the gold mineralization system at Carangas. New Pacific’s 15,000 metre drill program for 2023 is almost finished, and its results, as well as results from previous two years, will be used in an initial resource expected in the second quarter of 2023. TNM

EU from 4

Barrick Gold, PNG ink new deal

to restart Porgera mine

Taseko beefs up economics for Florence ISR copper project

ARIZONA | Florence retains strong economics despite capital creep

BY HENRY LAZENBY

Taseko Mines (TSX: TKO; NYSE-AM: TGB; LSE: TKO) says operating its Florence Copper production test facility in Arizona over the past 18 months has increased its confidence in the in-situ recovery (ISR) project, and it’s ready to begin construction as soon as its permits come through.

BY CECILIA JAMASMIE

The Porgera gold mine in Papua New Guinea (PNG), halted since 2020, is closer to resuming operations with a new deal signed by the country’s government, Barrick Gold’s (TSX: ABX; NYSE: GOLD) local subsidiary and New Porgera.

Under an agreement inked on Mar. 30, all parties have committed to push forward Porgera’s reopening, starting by filing for a special mining lease.

“It’s been a long journey but in the process we have secured the buy-in of all the stakeholders,”

Barrick CEO Mark Bristow said.

“The reopening of the mine would represent another victory for our host-country partnership model which has been so successful in Tanzania and has now also been adopted for the new Reko Diq copper-gold project in Pakistan.”

Barrick and its partner, China’s Zijin Mining, became embroiled in a dispute with the government and locals in 2020 over benefits sharing while attempting to renew the mine’s licence.

The standoff was resolved in April 2021 through two deals which gave the PNG government a majority stake in Porgera. Barrick and Zijin agreed to halve their stakes.

New Porgera, as the mine is now called, is 51% owned by PNG stakeholders, including local landowners and the Enga provincial government.

Economic benefits will be shared 53% by the PNG stakeholders and 47% by Barrick Niugini Limited, the mine operator.

The vast gold mine is an open pit and underground operation in PNG’s central Enga province, about 600 km northwest of Port Moresby.

It hosts an orebody with measured and indicated resources of 10 million oz. and inferred resources of 3.4 million oz. of gold.

It produced about 600,000 oz. of gold in 2019, before being put on care and maintenance.

After initial ramp up and optimization of the Wangima pit, Porgera is forecast to produce an average of 700,000 oz. per year. TNM

JENNIFER PELL REST IN PEACE

The Vancouver, B.C.-based base metals miner released updated economics for the project at the end of March in a new technical report. The new figures show an after-tax net present value (NPV) using an 8% discount of US$930 million and an after-tax internal rate of return (IRR) of 47%. Payback is expected relatively quickly at 2.6 years. The company’s previous 2017 technical report put Florence Copper’s after-tax NPV at US$680 million at a copper price of $3 per lb., and its IRR at 37%.

Overall, the operation is forecast to produce 85 million lb. of metal yearly over a 22-year mine life.

Taseko is still waiting for the U.S. Environmental Protection Agency to issue an underground injection control permit. At least one analyst suggests the permit could come as early as July. The project is expected to cost US$232 million over 18 months to reach commercial scale from the completed test stage.

Taseko in January secured US$25 million in additional financing to pay for the solvent extraction and electrowinning (SX/EW) plant with Bank of America Leasing & Capital. That follows an initial investment of US$50 million made recently by Japan’s Mitsui for construction of the project.

Taseko’s president and CEO, Stuart McDonald, said in a statement that despite the high inflation the

On March 27, 2023, after a tough battle with cancer, we lost Dr. Jennifer Pell, dear friend and highly accomplished professional geologist. She was passionate about all things related to geology and diamonds. She loved her big black dog Zac and living on False Creek in Vancouver and enjoyed photography, music, foreign films, art gallery crawls and caring for orchids. She took great pleasure in travelling globally and engaging in lively conversation with friends and colleagues. Jennifer was born in 1956 in Ottawa and received a Bachelor’s degree in geology from the University of Ottawa. She went on to earn a Ph.D in structural geology from the University of Calgary in 1984 and until 1987 did postdoctoral work focused on kimberlites, carbonatites and related rocks at the University of British Columbia.

Jennifer’s post-doc and subsequent consulting work was supported by the British Columbia Geological Survey. Based on this work, she authored BC Geological Survey Bulletin 88, “carbonatities, nepheline syenites and related rocks in British Columbia” which was published in 1994. Her background was ideal preparation for her next position starting in 1992, as District Geologist for the federal government in the NWT, based in Yellowknife. She was in charge of monitoring diamond exploration developments in the Slave craton region and found herself in the middle of the biggest diamond rush ever. She made many friends in Yellowknife and it was there that she met her partner, Toby Hughes. She left Yellowknife in 1997 and went on to work on diamond exploration projects in Tanzania, West Africa and Brazil. In 2002 she joined Dunsmuir Ventures Ltd. as Vice President Exploration and managed diamond exploration programs in Quebec, Manitoba, Nunavut, the NWT and the USA. From 2005 to 2018, Jennifer was Chief Geoscientist for Peregrine Diamonds who evaluated the DO-27 kimberlite in the NWT and discovered the Chidliak diamond district in Nunavut in 2008. Over 70 kimberlites were discovered at Chidliak in less than four years. Jennifer was responsible for overseeing diamond recovery and valuations and logging of Chidliak drill core which established the foundation for kimberlite geologic models. She spent many months in the field and the quality and meticulous nature of her work was second to none. In 2018 De Beers hired Jennifer as a Petrologist after purchasing Peregrine Diamonds.

Jennifer was a director of the Association of Mineral Exploration, British Columbia and the NWT and Nunavut Chamber of Mines, the co-chairperson of the annual PDAC diamond session in Toronto and past President of the Vancouver Orchid Society. She touched many lives, is sorely missed and leaves behind a great legacy of geologic work and many friendships. She is survived by her partner Toby Hughes, two sisters Wendy and Nancy, and a brother David.

industry has recently endured, Florence economics stands out as one of the world’s lowest capital intensity copper development projects.

“With procurement of long-lead items well advanced, we are ready to commence construction of the commercial facility following the issuance of the final UIC permit in the coming months,” McDonald said.

Inflation has marginally increased projected operating costs to US$1.11 per lb. from US$1.10 per lb. Previously.

In a note to clients, BMO Capital Markets mining analyst Rene Cartier noted that Taseko has made efforts to curb the effects of inflation by ordering long-lead items well in advance.

“Taseko indicated the primary driver of cost increases related to construction labour and wellfield drilling costs, which impact both initial and sustaining capital costs. Sustaining capital was a bit higher than our estimates,” the analyst said.

“We still see the operating cost profile of Florence as competitive, which could provide Taseko additional optionality, if required. For instance, we estimate an additional 2% net smelter return royalty on the project would only add about US$0.07 per lb. to costs,” the analyst said.

“Overall, TKO has de-risked the project, and was able to incorporate learnings from the test work that’s been undertaken, thereby leading to a higher degree of confidence at Florence.”

The Florence ISR process works by injecting a weak sulphuric acid solution, called raffinate, through targeted portions of the mineral deposit using an array of injection wells. The raffinate passes through natural fractures and voids in the deposit, dissolving the copper mineralization.

The copper-laden solution, known as pregnant leach solution, is then collected in recovery wells, and pumped to the surface for processing. The copper is extracted using solvent extraction and electrowinning techniques producing a copper cathode product.

Leaching of the production test wellfield began in December 2018. It continued under commercial operating conditions until June 2020, after the leaching phase was ramped down and concluded with the shutdown of the process plant that October.

Taseko says the test demonstrated that copper could be produced profitably and that the hydraulic control of process solutions in the well field could be established and maintained to protect underground drinking water aquafers.

Florence Copper has proven and probable reserves of 320 million tons grading 0.36% copper for 2.3 billion lb. of contained metal, using a US$3.05 per lb. copper price.

At $2.26, Teseko shares are down 19% over the 12 months, having tested $1.15 and $3. The company has a market capitalization of $663.9 million. TNM

Resources last year, which picked up the package of assets from U.S.based Cleveland-Cliffs (NYSE: CLF) after its abrupt departure from Canada in 2013 despite having sunk half a billion dollars to advance Eagle’s Nest and the neighbouring chromite deposits.

Open access

The March protest follows the formation in early February of a First Nations alliance to protect their lands and waters. The Grassy Narrows, Wapekeka, Neskantaga and Big Trout Lake First Nations have little appetite for unregulated activity on their lands, considering the mercury pollution left behind by legacy industry.

Yet mining prospectors have staked thousands of new claims on their territories over the past few years.

Grassy Narrows First Nation, located about 100 km northeast of Kenora, Ont., said in a Jan. 31 statement it had seen about 4,000 mining claims staked on its lands since 2018. The Ontario government

then allowed any licenced prospector to register a mining claim online for a fee.

The province’s online staking system does not tell prospectors whether the land is part of Indigenous territory before they stake a claim. Likewise, Ontario does not require prospectors to give any notice to First Nations until after the claims have been registered and are in force.

The four First Nations that have come together said they want to meet with Ford to discuss their concerns.

In 2021, Grassy Narrows First Nation launched legal action against the Ontario government for issuing nine exploration permits to mining companies to start drilling and exploring for gold on its territory. Ontario issued the permits between 2018 and 2021.

Grassy Narrows said that was done without consultation on lands declared as an Indigenous Sovereignty and Protected Area under Grassy Narrows law in 2018. In 2007, the First Nation called for a moratorium on any industrial activity on its territory. TNM

PROTEST from 2

Barrick Gold CEO Mark Bristow in Papua New Guinea. BARRICK GOLD

Taseko Mines’ Florence copper project in Arizona. TASEKO MINES

GOLD | Government now has majority stake in project

ANGUS from 1 in the mining industry, recalling that he loved telling stories about his travels, helping people make deals, and talking about the colourful characters in the industry. “He was fun to be with and never shy about telling people his thoughts. I really loved spending time with Tookie and will miss him tremendously,” Beaty says.

Seattle-based investment guru and exploration speculator Rick Rule says Angus was a rare bridge between the finance and mining communities. He often acted as the mediator between quarrelling parties and resolved situations bound for arbitration or worse.

“He was, more often than many people realize, the mechanism for settlement for disputes between the tribes in the mining industry,” he tells The Northern Miner. “Otherwise, those issues would have found themselves at least in arbitration, if not in court. Tookie had the ability because he was trusted and liked by all sides,” Rule says.

Rule says Angus was deeply interested in mining, which meant that he learned the topic with exceptional depth.

“He became, in his own way, not merely one of our lawyers, but rather one of us,” Rule says. “I don’t think Tookie ever really worked a day in his life because he was so involved in what he was doing,” he adds.

“And don’t get me wrong, he had a black belt in billing – he got paid. But there was an empathy and an enthusiasm there that let you know that, while he wouldn’t have done it for free, he wasn’t just there for the money.”

In fact, Angus was often so enthusiastic that he tried to do too many things at once. “Tookie had a distressing habit of saying ‘yes.’ And very often, he said, yes in ways that exceeded anybody’s human capacity,” Rule says.

A family man for the deal

Angus was born in 1949 in Santo Domingo in the Dominican Republic. When he was four, the family moved to Nova Scotia and settled in Lethbridge on a sugar beet plantation. The nickname ‘Tookie’ was a baby name given to Angus by his mother, Mary — a throwback to the family’s Scottish heritage.

Angus’s son Hamish says that as a young boy watching his dad in front of the mirror preparing for the endless multitude of promoters, dealers, corporate executives, and explorers visiting his family home, he knew he wanted to be like his dad one day. Somebody who in his eyes always knew the truth, was respected in business circles and had an exceptional way of communicating with everyone.

“His passion was to do deals. He absolutely was committed to finding the maximum value for share-

First Quantum to earn 55% of Rio Tinto’s Granja copper project

JV | Copper miner to fund up to US$546M in costs for Peru project

BY AMANDA STUTT

First Quantum Minerals (TSE: FM) has agreed to partner with Rio Tinto (NYSE: RIO; ASX: RIO) to develop the La Granja project in Peru, forming a joint venture that will give it a majority stake in one of the largest undeveloped copper deposits in the world.

Under the deal, First Quantum will acquire 55% of the project for US$105 million, and commit to fund up to US$546 million in capital and operational costs to take the project through a feasibility study. First Quantum will become the project operator. The transaction is expected to complete by the end of the third quarter.

Rio Tinto acquired La Granja from the government of Peru in 2006 and has since carried out an extensive drilling program that expanded the resource and understanding of the orebody, and established partnerships with host communities, local and national governments.

La Granja currently ranks as the fourth largest copper project in the world, and Peru is the world’s second biggest copper producer.

“La Granja is an exciting but complex project that has the potential to be a significant new source of the copper that is needed for the energy transition,” Rio Tinto Copper chief executive Bold Baatar said

in a statement. “We are pleased to enter into this agreement with First Quantum, that will bring our combined development capabilities and deep knowledge of La Granja to progress the project.”

Baatar added that developing La Granja would also further strengthen Rio Tinto’s copper portfolio following its acquisition of Turquoise Hill Resources to consolidate a direct 66% interest in the Oyu Tolgoi mine in Mongolia.

“Rio Tinto’s work on La Granja has been extensive to date and we share our partner’s view that the project has the potential to be a Tier 1 copper mine,” First Quantum CEO Tristan Pascall said. “We look forward to working together to build on this foundation, leveraging First Quantum’s core strengths in mine design, project development and community engagement to progress La Granja to the next stage.”

La Granja is located at high altitude in Cajamara, northern Peru

and has an inferred resource of 4.3 billion tonnes grading 0.51% copper.

The companies have also entered into a memorandum of understanding to cooperate in exploration and development of copper and other base metals projects globally, and will share knowledge around bestin-class mining, processing, and decarbonization practices.

The investment in Peru comes despite political turmoil earlier this year in the country that saw protesters invade mine sites and block roads following the removal of former president Pedro Castillo in December after attempting to dissolve Congress.

First Quantum recently resolved a dispute with the Panamanian government over royalties that temporarily shut its giant Cobre Panama mine in February. After reaching an agreement that guarantees a minimum annual income of US$375 million to the Central American government, the mine resumed operations in March. TNM

holders, no matter how dire the situation,” Hamish says.

At home, Angus was an avid angler and family man who enjoyed spending time outdoors, kicking rocks. Hamish remembers when he and his dad reeled in a 135 lb. prize sailfish on Christmas Eve, a proud accomplishment of providing enough food to feed a festive family gathering.

Hamish says Angus succumbed to complications associated with a complex heart surgery and fought for his life for 64 days in the intensive care unit. “Since he first encountered some heart issues three years ago, Tookie developed a strong spiritual component to his character to which I attribute his several miraculous recoveries since then,” he said. “He accomplished everything he wanted to in life.”

Hamish tipped his hat to the late stock promoter Murray Pezim, who he says played an integral part in his dad’s early days.

Most recently, as the chairman of K92 Mining (TSX: KNT) since its inception, Angus helped it acquire the transformational Kainantu project in Papua New Guinea in 2014.

“Considered a giant of the mining industry for over 40 years, Tookie brought a tremendous passion to everything he did, including structuring, financing and advising on many significant business ventures,” K92 said in a Mar. 27 statement.

In addition to chairing the K92 board, Angus was chairman of Sun Summit Minerals (CSE: SMN) and Kenadyr Mining (TSXV: KEN), and Nevsun Resources, and was a strategic advisor to Falcon Resources (TSXV: FG). During his career he served as a director of companies that included First Quantum Minerals (TSX: FM), Canico Resource, Bema Gold, Ventana Gold and Plutonic Power Corp. He also served as chairman of the Board of B.C. Sugar Refinery.

A celebration of life ceremony will be held in Angus’s honour on May 3 in Vancouver. TNM

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Copper mine in Peru. ADOBE STOCK/JOSE LUIS STEPHENS

Tookie Angus (L) on one of his early conquests in the Yukon with long-time promoter and best friend Larry Barr. ANGUS FAMILY

Tookie Angus. ANGUS FAMILY

Book excerpt: From backrooms to bulldozers

RING OF FIRE | A clash between Indigenous rights, Ontario’s Mining Act and hapless politicians sets the stage for conflict

The following is an excerpt from the book “Ring of Fire: High Stakes Mining in a Lowlands Wilderness” by Virginia Heffernan and published by ECW Press (www.ecwpress.com).

Dalton McGuinty was Ontario premier in 2007 when the Ring of Fire was discovered. At the time, the courts were starting to consistently side with First Nations across Canada over the right to be consulted about development on their traditional lands. The province was clumsily playing catch-up.

Ontario’s inability to manage disputes between resource developers and First Nations asserting their legal right to consultation — which often involves coordination among several different ministries — culminated in 2008 when Justice Patrick Smith imprisoned Chief Donny Morris and five other members of the Kitchenuhmaykoosib Inninuwug (KI) First Nation for contempt of court. Morris and other community members had been fighting for a decade to stop Platinex Resources from drilling for platinum on KI’s traditional lands 600 km north of Thunder Bay, just northwest of the Ring of Fire. Platinex fought back, suing the KI First Nation and the Ontario government for disrupting exploration on claims it had legitimately staked and explored under the Ontario Mining Act.

The case went to the Ontario Court of Appeal, which ruled that the six-month jail sentences meted out by Justice Smith were too harsh. The appeal court reduced them to the ten weeks of time served. Ontario then settled with Platinex, paying $5 million for losses the company incurred.

McGuinty’s Liberals withdrew the disputed lands from staking and reformed the Mining Act to include a new vehicle for dispute resolution.

After the verdict, Vernon Morris, chief of the Oji-Cree Muskrat Dam First Nation, stated: “The government’s view of duty to consult is that there will be basis for discussions to begin for planning and development.

Our interpretation of the duty to consult is that we have a right to say ‘No’ when the actions for development will have a harmful effect or no benefit to our First Nation.”

It was a watershed case in

Ontario, whose provincial leaders would be wary of shirking their duty to consult in the future.

But Dalton McGuinty didn’t have much to say about what was happening on the ground in the Ring of Fire until 2010, when Cleveland-based Cliffs Natural Resources started pouring millions of dollars into the area in the hopes of accessing a chromite source to complement its well-established iron ore and steel business. The premier was encouraged by Cliffs’ investment and saw the Ring of Fire as an opportunity for Ontario to recover from the 2008–09 global financial crisis. He leaned on the federal government to help build the infrastructure required to get the mines built as quickly as possible.

Up until then, a lot of the Ring of Fire exploration and infrastructure planning had been proceeding without Indigenous consultation, contrary to the growing tendency for the Supreme Court of Canada to rule on the side of First Nations in battles with provinces over resource development.

Though most Ontarians were oblivious to the transgressions, the exploration activity did not go unnoticed by Indigenous communities.

Predictably enough, in early 2010, band members of Marten Falls, 100 kilometres southeast of the Ring of Fire, erected a blockade to prevent companies from landing their bush planes on frozen airstrips on Koper Lake and McFaulds Lake, within the community’s traditional lands.

Without access to the lakes, Noront, Cliffs, and other companies would be unable to fly in supplies and personnel to conduct what they considered vital winter exploration in the region.

Led by Chief Elias Moonias, Marten Falls established the blockades not necessarily because the community members wanted to prevent further exploration, but because they wanted the companies to use their airstrip and their winter road instead of the frozen lakes.

“We are not against mining and want to do business, but we want to do it together,” Chief Moonias told the Canadian Press.

To calm the waters, McGuinty sent Northern Development and Mines Minister Michael Gravelle to Marten Falls to find out how to appease community members. Minister Gravelle met with Chief Moonias, hammered out an agreement, then dined on moose stew with the rest of the community before hopping on a puddle jumper to fly to Webequie, west of the potential mine sites.

Under the agreement, Marten Falls agreed to lift the blockades in exchange for the Ontario government hearing out the demands of Moonias and Webequie Chief Cornelius Wabasse. If the chiefs were not satisfied with the negotiations over demands for a revamped airport, environmental impact reviews, training and job guarantees, an extended road network, and a better memorandum of understanding with the government, they would resume the blockade. But resolving the conflict was never going to be that easy. While Gravelle feasted on stew and exchanged gifts with Moonias, some of the community’s youth stood silently on the fringes of the gathering with placards reading “This land is our land.”

In 2011 the province stepped up its commitment to the process by

creating a Ring of Fire Secretariat, essentially a new government department to encourage development of the chromite and other deposits while taking into account environmental impacts and the economic needs of the First Nations communities.

At a Ring of Fire infrastructure conference held in Thunder Bay in mid-2011, Gravelle outlined the extraordinary, once-in-a-century opportunity the Ring of Fire represented. “We need to get it right, that is why we have set up a Ring of Fire coordinator, why we are setting up a Ring of Fire Secretariat, and why we are working so hard with all the partners, the First Nations and the companies, to make sure we move forward together,” he said. “That is crucially important.” But the next year, McGuinty — the first Liberal premier to secure three consecutive terms in office since the nineteenth century — was forced to step down amid indignation over what was considered a scandalous decision to cancel gas-powered electrical plants in NIMBY Liberal ridings at a cost to taxpayers of $1 billion.

Kathleen Wynne succeeded McGuinty. She too considered the Ring of Fire a unique opportunity to satisfy northern constituents, advance Indigenous reconciliation, and fill government coffers. Her

approach was more conciliatory.

She set up a meeting with the Matawa Tribal Council of nine First Nations, the first the council had had with a sitting premier since 1975. By the time they parted ways, Wynne and the council had established the basic pillars of a framework agreement for development of the Ring of Fire: employment and training opportunities; effective land management that respects environmental protection; resource revenue sharing; and infrastructure where there was none.

The new premier moved quickly to set the negotiations in motion. She appointed retired Supreme Court justice Frank Iacobucci to serve as chief negotiator for the province. Bob Rae stepped in as chief negotiator on behalf of the Matawa Tribal Council. Optimism was in the air.

“My job arose out of the First Nations’ desire to engage with the provincial and federal governments in a more collective way because Cliffs’ proposed mine was a huge development that would have a wide impact,” said Rae. “We did have the attention of the premier and she met openly with us. The chiefs didn’t like everything they heard because she was telling it as she saw it as first minister. But she really paid attention.”

Still, the legacy of distrust established over the decades the Crown had repeatedly failed to meet its treaty obligations to First Nations remained a dark cloud over the negotiations. And Cliffs, beginning to suffer financially, was growing impatient with the endless meetings between government, Indigenous groups, and industry in Toronto and Thunder Bay that never seemed to resolve anything.

“If a company shows up with a bag of money, surely you find a way to help them spend it,” said David Anthony, former VP and senior project director for Cliffs, who quit the project in frustration in 2012. “I think if you go to fifteen different meetings and no progress is made, you come to the conclusion that [development] is never going to happen.”

Exacerbating the dysfunction was an assumption that all nine of the First Nations of the Matawa Tribal Council would speak with a common voice. The council’s slogan is “The Power of Unity. The

By Alisha Hiyate

When geologist and writer Virginia

Heffernan was looking for a topic for her first book, it didn’t take long for her to settle on Ontario’s Ring of Fire. Like many people who follow Canada’s mining sector closely, Heffernan, who had enrolled in a creative non-fiction writing program at University of King’s College to earn her MFA, had recognized the importance of Noront Resources’ 2007 discovery of the Eagle’s Nest nickel-copper-PGM deposit in the region.

“It was always in the back of my head,” said Heffernan, a one-time staff writer with The Northern Miner. “All the promotion around it was also kind of fascinating with [Noront founder] Richard Nemis — he was such an interesting character.”

In March, Heffernan released Ring of Fire: High-Stakes Mining in a Lowlands Wilderness, published by ECW Press.

The book takes a broad view of the topic, giving the reader needed context about geology, the scrappy world of junior mining, the evolution of Indigenous consultation requirements and Indigenous participation

in mining, the potential environmental impacts of mining in the Ring of Fire, and of course, the politics.

Written during the pandemic, Heffernan’s original plan to visit First Nations communities in the Ring of Fire to hear the viewpoints beyond the leadership proved impossible because of Covid-19 lockdowns.

Some communities, namely Marten Falls and Webequie are supportive of development, while others such as Neskantaga and the James Bay coastal community of Attawapiskat, are adamantly opposed.

However, she was able take an eight-day canoe trip on the Missanaibi River to Moose River, which spills into James Bay, fighting

“ferocious winds” coming off of James Bay as well as unrelenting deer flies, black flies and mosquitoes. Ending at Moose Factory, several hundred kilometres southeast of the Ring of Fire, Heffernan says the journey familiarized her with the bog and fen peatlands ecosystem in the James Bay lowlands and the challenges of building a road.

While Heffernan’s book traces the origin of past and current conflicts that potential development of the region has spawned — from the Indian Act to the political miscalculations of Ontario politicians — she ultimately is optimistic that development in the region will move forward. But it will have to be in an environmentally responsible way that Indigenous communities will benefit from and have a hand in monitoring.

“We need to see some sort of partnership with the First Nations up there. If they have a percentage of the project or projects, that’s going to make all the difference. Then once you get that revenue streaming into the communities, it would mean more self-governance, more control over their lives, health care and schooling.”

The first book on Ontario’s Ring of Fire sees a happy ending for contentious development

Virginia Heffernan’s canoe trip into Ontario’s James Bay Lowlands. CINDY ANDREW

Virginia Heffernan. DAHLIA KATZ

Dignity of Difference.” While the communities are united in their belief that they have jurisdiction over their traditional lands, the Ring of Fire discussions only served to emphasize their differences. Four of the communities (Aroland, Constance Lake, Ginoogaming, and Long Lake #58) have access to all-season roads; the other five (Eabametoong, Nibinamik, Neskantaga, Marten Falls, and Webequie) are only accessible by air or winter road, so their priorities regarding infrastructure are different.

Marten Falls, Webequie, Neskantaga, and Nibinamik are the closest communities to the proposed development and have the most to gain from jobs and training programs, but Neskantaga also lies on the shores of Attawapiskat Lake,an important and relatively pristine source of fish that could be disrupted by mining activity or road building.

And nothing about the formation and evolution of the nine communities had been organic. “The political structures and how they express themselves are a consequence of the Indian Act,” said Rae. “When people say, ‘Why can’t you just agree?’ they respond, ‘Well, why did you create nine communities to represent a few thousand people?’ The communities are different because a lot of things have happened historically to create different dynamics,” including abuse suffered at the hands of priests visiting the communities to convert their members to Christianity.

The resulting trauma, and disagreements about how to respond to the church, divided clans and families. The Nations found it difficult to reach consensus on all the issues that confronted them.

Meanwhile, shaken by lower commodity prices and an erosion of shareholder confidence, Cliffs was getting cold feet as the negotiations dragged on. Finally, after spending about $550 million in the region over four years, the company announced it was pulling out of the project in late 2013. Its new CEO, Lourenco Goncalves, who was parachuted in to revive the American company’s flagging fortunes, went so far as to say the Ring of Fire was beyond the point of no return.

Cliffs’ departure was unsurprising given the company’s internal turmoil coupled with the uncertainty surrounding the Ring of Fire, and with Cliffs went the urgency to

strike a deal with the First Nations. All that was left in the Ring of Fire was a handful of junior companies without the financial resources to achieve much more than a little grassroots exploration. It seemed like a death knell for the ambitious development project.

“I did not once hear the Ontario government say [they were] ready to fund a road. It was always: let’s get together for lunch, we’ll pay a bunch of people to come to the meeting, we’ll go over the same stuff we’ve gone over a hundred times before. And at the end of the meeting, there will not be a single resolution or any indication that we actually plan to do something,”

David Anthony told me. “If [they] had said they would build a road and toll it back to us, or at least start a dialogue about how a road could get built,there might be a whole chromite industry in Canada right now.”

But the province was undeterred.

In mid-2014, Premier Wynne announced that her minority government was prepared to contribute $1 billion to build a road to the Ring of Fire. Minister Gravelle implored the federal government to match the infrastructure funds, calling the Ring of Fire a “project of national significance.” He wrote to his counterpart in Ottawa, Greg Rickford, requesting a meeting “at your earliest convenience to discuss the [Ring of Fire] and the importance of a strong federal role in ensuring this development can proceed and its economic benefits for Ontario, First Nations and Canada can be realized.”

But the feds, then led by Conservative prime minister Stephen

Harper,were mostly silent on the file. They said they would need a detailed plan from Ontario, including fully costed infrastructure proposals, before they would be willing to step into the fray. Part of the challenge was that Indigenous affairs are handled federally, while mining falls under provincial jurisdiction. Rarely do the two levels of government confer on those two areas of interest. It’s a convenient means to dodge the issue.

At a meeting in Timmins in March 2015, federal Treasury Board President Tony Clement reiterated that the Ring of Fire needed two things before the federal government would take a sustained interest: a worthwhile return on investment and a good working relationship between the province and the First Nations. In his opinion, the proposed development lacked both.

The dismissal by the federal government was frustrating not only for the province but also for the First Nations involved. Canada has certain obligations to Indigenous peoples recognized and affirmed in section 35of the Constitution Act, 1982, interpreted to include a wide of range of cultural, economic, and political rights. The Matawa Tribal Council rightly expected, at the very least, to have discussions with representatives in Ottawa, not just be left at the mercy of the province.

Eventually, Wynne herself grew impatient with the impasse. She sent a letter to the Council Chiefs in May 2017, demanding that they come together on decisions or she would scrap the regional framework and deal with the communities on an individual basis. In her

letter, Wynne told the chiefs they “should not squander” her 2014 commitment to spend $1 billion to help build a road to the deposits in the Ring of Fire.

“We have not achieved much of the progress on road and infrastructure development that we had hoped for under the RFA [regional framework agreement] over the past three years,” Wynne wrote in the letter. “While I continue to hope progress can be made, I am prepared to continue to advance discussions with those First Nations that would like to pursue transportation infrastructure through our bilateral process.”

After many months at the negotiating table, Rae was equally discouraged. “Frustrating is not a strong enough word. There was a moment in time when we had a framework worked out and signed and the provincial government was willing to make some investment in the communities and their well-being,” he said. “But there was not enough trust on the table for[the communities] to move ahead.”

Neskantaga was particularly wary. While Chief Wayne Moonias believed Wynne’s heart was in the right place and she understood the suffering the First Nation had endured under Treaty 9, he said it was “disingenuous” of her to expect Indigenous peoples to cooperate with resource permits on their land while their own jurisdictional claims went unaddressed.

Tensions escalated when the province signed agreements with Webequie and Marten Falls to make them proponents on the environmental assessments to build roads into their communi-

ties (from the Ring of Fire in Webequie’s case and from a forestry road that leads to the town of Nakina in Marten Falls’ case).

The neighbouring communities of Neskantaga and Eabametoong viewed the decision as favouritism and accused the Wynne government of acting in bad faith by not adhering to the regional framework agreement.

They considered the agreements an attempt to “divide and conquer” the First Nations within the Matawa Tribal Council.

“The approach the Wynne government is taking to roads in the Ring of Fire is a scandal and could be a nail in the coffin for our Aboriginal rights and way of life,” the two communities said in a joint media release issued in May 2018.

A month later, Wynne was voted out of office and replaced as premier by Conservative Doug Ford. At least Wynne was the devil they knew.

“If I have to hop on that bulldozer myself with Vic [Nipissing MPP Vic Fedeli] on the other one, we’re going to start building the roads to get to the mining,” Ford announced in the lead-up to the election as he outlined the Conservative Party’s plans for Ontario’s Far North, including the Ring of Fire.

One could almost hear the cries of frustration coming from some of the Matawa chiefs more than 1,000 km to the north. After getting so close to a negotiated agreement with the provincial government to develop the Ring of Fire, it seemed as if their voices would dissipate in the vast swamp. The divide and conquer mentality would prevail.

The Ontario government and two First Nations leaders signed an agreement in March 2020 to move forward with Ring of Fire road access. From left: Webequie First Nation Chief Cornelius Wabasse; Martin Falls Chief Bruce Achneepineskum; Ontario Premier Doug Ford; and former mines minister Greg Rickford. ONTARIO GOVERNMENT

Virginia Heffernan’s canoe trip into Ontario’s James Bay Lowlands. CINDY ANDREW

Map of the proposed road developments in the Ring of Fire. NORONT RESOURCES/RING OF FIRE METALS

Prismo Metals’ Hot Breccia project blooms in Arizona copper belt that provides two-thirds of US supply

SITE VISIT | Vizsla-backed, early stage explorer cofounded by area veteran Peter Megaw

BY COLIN MCCLELLAND

The helicopter arcs around the scrubland hills like the start of a M*A*S*H episode. Except these hills are in Arizona, not Korea, and they’re studded with giant saguaro cactuses on Prismo Metals’ (CSE: PRIZ, USOTC: PMOMF) Hot Breccia copper property.

Vancouver-based Prismo has raised $5 million, including $2 million from Vizsla Silver (TSXV: VZLA; NYSE: VZLA), to start drilling on the 14-sq.-km property 140 km southeast of Phoenix as it works to earn three-quarters of the project from Infinitum Copper (TSXV: INFI, US-OTC: INUMF). Hot Breccia joins Prismo’s two other earn-in projects in Mexico: Palos Verdes in Sinaloa state and Los Pavitos in Sonora.

The chopper lands on a narrow hillside drill road dating from the 1970s, like the TV army medics, flattening yellow poppies and purple lupine flowers. It is a Papal-coloured path just before Easter, made possible by more winter rainfall than usual in the Sonoran Desert, the world’s wettest. Craig Gibson, co-founder and CEO of Prismo, eyes a rock formation guarded by three saguaros taller than most houses.

“Parallel and in contact with this dyke we have a polylithic breccia with copper mineralization and fragments of underlying sedimentary rocks that have been brought up,” Gibson said. “This is a very active area hydrothermally and we think it’s going to be a pretty good project for drilling later this year.”

Prismo is aiming to develop Hot Breccia, which is 2 km from Grupo Mexico’s mothballed Hayden smelter and twice that from Freeport-McMoRan’s (NYSE: FCX) past-producing Christmas mine. They’re all in the same Arizona copper porphyry belt that supplies more than two-thirds of the U.S.

output of the metal used in wiring and plumbing. Analysts expect demand for copper, considered a battery metal for electric vehicles, to rise for decades as countries transition to greener energy to fight climate change.

Still, the project is very early stage, lacking even data from airborne geophysical surveys. The first are planned in a few months to probe the breccia system, Gibson said while negotiating a slope to avoid ocotillo thorn bushes and barrel cactuses. Also, even the few historic drill holes for which Prismo has data show mineralization is at considerable depth for a potential open-pit operation. While the copper price — US$3.98 per lb. at press time — has been buoyed by resurgent Chinese demand, it was still more than 12% lower than it was a year earlier.

Geologists posse

Further along the flowered path

NATURAL RESOURCES

Independent. Committed.

lies the spot where Kennecott Utah Copper, now a unit of Rio Tinto (NYSE: RIO; LSE: RIO; ASX: RIO), drilled hole OCC-8 in the late 1970s. It cut 7.6 metres grading 1.7% copper and 0.1% zinc including 4.6 metres grading 1.4% copper and 0.9% zinc at a depth of 716.3 metres.

Near the old drill hole, Peter Megaw, a co-founder of Prismo and chief exploration officer for MAG Silver (TSX: MAG; NYSE-AM: MAG), was part of a posse of visiting investors and geologists navigating gingerly across a skin of loose rock, that slid at times like ball bearings, to study the 60-65-milion-year-old formations that give the property its name.

“This looks like a fragment that came up from the deep part of the Paleozoic sedimentary section below the volcanic, so it’s probably been transported a minimum of a kilometre,” Megaw said. “The rock

Delivering fit-for-purpose solutions across the entire mining life cycle

Our fit-for-purpose solutions encompass the skills of qualified geologists, geostaticians, analytical chemists, mineralogists, metallurgists, process engineers and mining engineers brought together to provide accurate and timely mineral and process evaluation services across the entire mining life cycle.

is mineralized, so that’s what you want to see in these breccias.”

The nearby former Christmas mine produced 363 million lb. of copper from 20.2 million tonnes grading 1.2% copper from 1905 to 1982. It was shut when copper prices fell to about US55¢ per lb., Megaw said. He’s lived and worked in the region for more than 40 years.

The Hayden smelter shut in 2019 after a strike but its concentrator is still producing at about a fifth of its capacity, Steve Robertson, chairman of Infinitum, said during a presentation at the town of Kearny, population 1,950, from where the helicopter shuttled visitors to Hot Breccia.

The company’s earn-in agreement with Infinitum required Prismo to pay $350,000 and half a million shares followed by spending $5.25 million on exploration through 2026. Prismo shares closed at 38¢ each at press time in Toronto, within a range of 12¢ to 73¢, valuing the company at $15.2 million.

Mexico projects

South of the border on the 53-sq.-km Los Pavitos project, Prismo said this week channel sampling returned 20.3 grams gold per tonne over 0.6 metre. Mexican company Minera Cascabel is offering the concession to Prismo for $1.5 million in exploration expenses over five years end-

ing in October 2024 plus $500,000 and 2 million Prismo shares.

Over at the 23-hectare Palos Verdes concession 65 km northeast of Mazatlan, the company is working with neighbour Vizsla — which bought a 10% stake in Prismo in January — to start a 2,500-metre drilling program. Drilling by past owners in 2018 cut 2.3 metres grading 3.8 grams gold per tonne, 1,098 grams silver, 0.7% copper, 2% lead and 3% zinc from 45.3 metres down hole PV-02.

Prismo bought a quarter of Palos Verdes from a Mexican owner in 2021 and is working to earn the remaining three quarters from ProDeMin, a mining services company owned by Gibson.

“Vizsla has a first right of refusal on the project so I don’t really see them taking us out, but maybe the project itself,” Gibson said. “Here at Hot Breccia, it’s too early to say.”

Back on the ground in Kearny after the rotors stopped, the posse paused for a bite and considered the mission ahead for Prismo.

“They have an incredible land package and team of geology advisers,” said Frank Port, president and chief investment officer of Kelowna, B.C.-based Bridgeport Capital, a potential investor in the project. “They have enough capital to advance the project for two years while copper prices rise even more.” TNM

A helicopter lands at Prismo Metals’ Hot Breccia project in Arizona. PRISMO METALS

Infinitum Copper CEO Steve Robertson, left, Prismo Metals CEO Craig Gibson and Prismo cofounder Peter Megaw. PRISMO METALS

World’s top 10 biggest lithium mines

RANKED | Australia, Argentina and Chile host big producers

#1 Greenbushes

BY AMANDA STUTT

Lithium is a crucial component in the batteries that power the electric vehicles the world needs to accelerate the green energy transition. While lithium prices were white hot late last year, peaking in December at around US$70,000 a tonne, discounts offered by Chinese battery giant CATL to automakers contributed to a price drop earlier this year.

In the long term, McKinsey Battery Insights predicts that the entire lithium-ion battery chain, from mining through recycling, could grow by over 30% annually to 2030, reaching a value of more than US$400 billion and a market size of 4.7 TWh.

In a spotlight on the world’s top producing lithium mines — covering a significant amount of global lithium production — Mining Intelligence Data has ranked the biggest operations, based on lithium in concentrate produced in 2022 and measured in tonnes. (Note: Mines in China and Brazil, which are large global producers of lithium, have been omitted from the table due to a lack of mine-level data.)

In first place is Albemarle’s (NYSE: ALB) Greenbushes lithium mine in Australia, which produced 37,500 tonnes of lithium in 2022. Former JV partner Tianqi Lithium invested US$382 million to increase production in 2018, but Albemarle took full control in 2020 as Tianqi sold its assets to pay down debts.

#2 Salar de Atacama

In second place is SQM’s (NYSE: SQM) operation at the Salar de Atacama — the largest salt flat in Chile. SQM produced 29,500 tonnes of lithium last year, as it worked on a project to mitigate the overall impact of its lithium operations by cutting usage of freshwater and brine in the Atacama Desert, one of the driest places in the world.

#3 Pilgangoora

Pilbara Minerals’ (ASX: PLS) Pilgangoora mine in Australia is in third place with 13,100 tonnes of lithium produced. Last year, Pilbara invested US$205 million to increase output at Pilgangoora.

#4 Salar de Atacama

Fourth place goes to Albemarle’s operations in Chile, where it’s extracting lithium from brine in the massive Salar de Atacama. The operation produced 10,000 tonnes of lithium in 2022.

#5 Mt Marion Ganfeng Lithium and Mineral Resources’ (ASX: MIN) Mt Marion hard rock mine in Western Austra-

RANKED: World’s Top 10 lithium mines

lia is in fifth place with 9,400 tonnes of lithium produced.

#6 Wodgina Albemarle and Mineral Resources’ jointly owned Wodgina mine in Western Australia is in sixth place with 4,900 tonnes produced. The companies pulled off a speedy restart of operations at Wodgina last year after they were halted in late 2019 because of then-weak markets.

#7 Salar de Hombre Muerto Livent Corp.’s (NYSE: LTHM) operations at the Salar de Hombre Muerto in Argentina take seventh place with

3,200 tonnes produced. Last year, General Motors prepaid the company US$198 million for a guaranteed six-year supply of lithium.

#8 Mt Cattlin

In eighth place is Allkem’s (TSX: AKE; ASX: AKE) Mt. Cattlin hard rock mine in Western Australia with 2,700 tonnes of lithium produced in 2022.

#9 Salar de Olaroz

Allkem also takes ninth spot for the 2,600 tonnes of lithium produced at its brine operations at the Salar de Olaroz in northern Argentina.

#10 Silver Peak

Rounding out the list is Albemarle’s Silver Peak mine in Nevada, with 2,000 tonnes produced. In 2021, the world’s largest lithium producer said it planned to invest US$30 million to US$50 million to double production at Silver Peak by 2025, making full use of its brine water rights. TNM

More data is available at www. miningintelligence.com.

Sayona, Piedmont restart commercial production at North American Lithium project in Quebec

LITHIUM | Plant ‘only major new source’ of spodumene concentrate in North America for 2 years

BY JACKSON CHEN

Piedmont Lithium (NASDAQ: PLL; ASX: PLL) and Sayona Mining (ASX: SYA) announced on Mar. 30 that commercial spodumene concentrate production has restarted at their

jointly owned North American Lithium (NAL) project in Quebec.

The US$80-million restart was completed on time and budget, and will be the only major source of new spodumene production expected in North America in the next two years, says Sayona, which holds a

majority 75% interest in the project.

The Australia-based lithium miner is targeting 226,000 tonnes per year of annual production, with first commercial shipments expected in July 2023. Four shipments totalling up to 120,000 tonnes are expected from NAL by year-end, it adds.

These shipments, according to Sayona, are expected to supply key battery and electric vehicle manufacturers including LG Chem and Tesla.

“Since announcing our restart intentions in 2021, our project team has maintained a forward-looking focus to improve lithium capture, achieve more consistent runtimes, and streamline operating costs from the past-producing operation,” Sayona’s managing director Brett Lynch commented in a news release.

Piedmont CEO Keith Phillips added: “This marks an exciting milestone not only for Piedmont Lithium and Sayona Mining, but the North American market for which we are working to supply critical lithium resources. NAL is positioned to be a key contributor to the electric vehicle and battery supply chains as demand for lithium continues to rapidly expand along with the electrification economies in both Canada and the U.S.”

The NAL project — formerly known as the Quebec lithium mine — was acquired by the companies’ Sayona Quebec joint venture in August 2021 after its previous owner had suspended production and subsequently filed for bank-

ruptcy protection.

In June 2022, the companies obtained formal approval for the restart of mining operations. This includes the development of a spodumene conversion facility at NAL to produce lithium hydroxide or carbonate, as per an agreement with the Quebec government to develop a local downstream processing capability in proximity to the North American battery market.

An earlier prefeasibility study for the project initially estimated a mine life of 27 years with average annual spodumene concentrate production of 163,000 tonnes. Currently, the project contains an estimated mineral resource of 101.9 million tonnes at 1.06% lithium oxide (Li2O), for 1.1 million tonnes

of contained Li2O in all categories.

The project lies 60 km north of the city of Val-d’Or, close to Sayona’s Authier lithium project. Together, they form a key part of the company’s Abitibi hub in Quebec.

The plan is to eventually combine ore produced from Authier with those from NAL, which will improve plant performance and economics, Sayona says.

Piedmont shares traded at $51.31 at press time in New York in a 52-week window of $32.08 and $78.98. The company has a market cap of $984.2 million.

Sayona shares traded atA19¢ at press time in Sydney, in a 12-month range of A11¢ and A39¢. It has a market capitalization of A$1.7 billion. TNM

Piedmont Lithium and Sayona Mining’s North American Lithium (NAL) project in La Corne, Que. SAYONA MINING

Canucks beat Aussies in hard rock lithium battle for value, Winsome Resources says

LITHIUM | Explorer views Canada as lower cost ‘new frontier’ for development

BY COLIN MCCLELLAND

Australia-based Winsome Resources (ASX: WR1), which is developing three hard rock lithium projects in Quebec, says it’s attracted to Canadian opportunities because they’re less expensive than in the Outback.

Assays reported in the first week of April from the Adina spodumene project, Winsome’s most advanced, extend the strike length of highgrade lithium to 3 km as it prepares for an initial resource estimate and preliminary economic assessment this year at the site about 300 km east of James Bay, managing director Chris Evans said.

“A lot of Western Australia has already been explored and staked for lithium,” Evans said in an email exchange from Perth, Australia where the company is based. “Anything promising looks very expensive by comparison to Canada, which is seen as the new frontier for hard rock lithium development.”

Quebec has become a hard rock lithium hotspot as companies vie to supply the surging electric vehicle market. Sayona Mining (ASX: SYA) restarted its North American Lithium operation with 25% partner Piedmont Lithium (ASX: PLL) in late March. The federal government approved the James Bay open-pit project by Galaxy Resources, a part of Allkem (TSX: AKE; ASX: AKE), in January, and Patriot Battery Metals (TSXV: PMET; ASX: PMT) is advancing its Corvette property towards a first resource and prefeasibility study this year.

Winsome has a “cornerstone” investment from Toronto-based

Lithium Royalty, which holds 4% gross overriding royalties on Adina and the Cancet project, located 200 km east of James Bay. This year it started a 20,000-metre drilling program across its properties.

Shares in Winsome traded at A$1.40 in Sydney at press time, within a 52-week range of A18¢ and A$2.52, valuing the company at A$252 million.

Winsome may list on the Toronto exchange, but the current situation is beneficial, Evans said.

“Eventually yes,” he said. “At the moment, Canadian lithium projects that are listed on the ASX get better valuations than those listed on the TSX.”

Winsome plans a prefeasibility study next year at Adina followed by a definitive feasibility study and final investment decision in 2025, with production to start two years later.

“We expect Cancet to follow a little behind Adina’s timeframes,” Evans said. “We have found around 3 million tonnes already at Cancet, however we are still undertaking exploration across the large claim area to find additional lithium mineralization.”

NGEx shares shoot up on new copper-gold find in Argentina

EXPLORATION | ‘Highest copper grades’ found in Vicuna District, says CEO

BY BLAIR MCBRIDE

NGEx Minerals’ (TSXV: NGEX) shares surged to a new high on Apr. 4 on results from the first drill program at its Potro Cliffs project in northwest Argentina that reveal a potential major new copper-gold system.

Highlights from hole DPDH002, the first at the target, include 60 metres grading 5.65% copper, 2.04 grams gold per tonne and 44 grams silver from 212 metres downhole; 10 metres grading 3.7% copper, 1.51 grams gold and 259.4 grams silver from 574 metres depth; and four metres grading 5.81% copper, 2.62 grams gold and 81.5 grams silver from 150 metres depth.

The project, in San Juan province, sits between NGEx’s Los Helados copper-gold porphyry deposit to the north and Filo Mining’s (TSX: FIL; US-OTC: FLMMF) gold-copper-silver deposit to the south, and is located in the prospective Vicuna District, where Lundin Group companies have been exploring since the early 2000s.

NGEx CEO and President Wojtek Wodzicki said in the release that the grades are some of the best he has seen in his career.

“It is remarkable to have hit

Adina assays

The company’s Quebec portfolio also includes Sirmac-Clappier about 250 km south of Adina, and option agreements to acquire and explore 385 sq. km in Decelles and 149 sq. km at Mazerac, both near Val-d’Ór.

Winsome also owns the offtake

rights for lithium, cesium and tantalum from Power Metals’ (TSXV: PWM) Case Lake project in eastern Ontario, as well as a 10% equity stake in Power Metals.

The recent Adina assays show mineralization has been defined along 3 km, from the 2018 MetalsTech drilling at Adina 1 to the Adina main zone to Adina east, Winsome said in a release on Apr. 3. The strike remains open to the east and west, it said.

Drill hole AD-22-043 cut 12.2 metres grading 1.5% lithium oxide (Li2O) from 63.3 metres downhole; AD-22-044 returned 6 metres grading 1.8% Li2O from 83.4 metres depth; and AD-22-045 cut 15 metres grading 1.3% Li2O from 47.4 metres downhole.

Further drilling and gravity surveys are due this year, especially to

the southwest including the 2018 drilling area, to identify further targets along the regional structural corridor which runs west-southwest to east-northeast, the company said. It wants to test the link between Adina East, Adina Main and the previous drilling undertaken by MetalsTech.

At Adina, Winsome estimates multiple phases of pegmatitic intrusions occurred over time although it’s unclear at this point whether the three prospects are the same orebody offset by faulting or three or more phases of intrusive activity.

“A lot of Australians, like myself and our chairman Stephen Biggins, have experience in building hard rock lithium mines,” Evans said by email. “We wish to bring this to bear on the many opportunities in this space available in Canada.” TNM

BofA turns bearish on lithium

FORECAST | Lower Chinese prices could spread to global markets

BY HENRY LAZENBY

New lithium supplies coming to market from at least six new projects in the next half year will exacerbate the price pressures facing the battery-making ingredient over the past five months, new analysis by Bank of America concludes.

The bank has adjusted its 2023 price forecasts downwards for spodumene concentrate by 8.4% to US$5,038 per tonne; lithium carbonate by 27.2% to US$48,809 per tonne and lithium hydroxide by 19.6% to US$55,076 per tonne. For 2024, the bank has lopped 15.6% off its prior forecast to US$3,375 per tonne for spodumene concentrate, 44% for carbonate to US$32,500 per tonne and 42.9% for hydroxide to US$34,000 per tonne.

According to the bank’s Apr. 5 Global Research report, weaker Chinese trading data suggests price pressure might ripple outward and affect global markets, which had largely resisted the market weakness until now.

jockey for share.”

This scenario is likely, assuming demand stays muted, which the analyst notes is not a consensus view. Muted demand coupled with new supplies, would make sustaining a price rally difficult.

“Corporates have supported the notion that demand accelerates seasonally come the second quarter, driving a restock through China. This could very well happen, though we note the quarter will also mark the start of commissioning of six new mines,” according to the bank.

BofA says hydroxide and lithium markets outside China have held up relatively well, with nonChina Asia carbonate prices at about US$63,500 per tonne.

“We take this as a sign that the buyer-strike continues to be a China-centric phenomenon, and the prevalence of contracted transactions in markets outside China has helped prop up the price,” DeYoe said.

The bank’s research team expects

a potential brief price rally during the third quarter but sees strong potential for the negative price trend to resume by December.

BofA suggests there is no shortage in lithium deposits, so producers are free to increase supplies — one reason DeYoe is bearish on the 2023-24 pride forecasts. However, access to funding is usually the determining factor to supply.

DeYoe says lithium has gone through two cycles in the past six years. Producers boosted investment as prices rose, but as that supply hit the market, quotations dropped, reining in output, and the cycle started anew. However, it’s not all doom and gloom. U.S. and EU industrial policies and onshoring of lithium production to those regions should lift the floor under lithium prices. The bank says that exponential demand growth at the same time as supply chains are rejigged also makes periodic shortfalls more likely, suggesting that volatility will remain high. TNM

such significant mineralization so early in the first ever drill program on this target,” he said. “Today’s results include the highest copper grades drilled to date in the Vicuna District and rank among the highest copper grades intersected globally in the last few years. This style of mineralization typically occurs lateral to, or above major porphyry copper-gold systems and the grades and thickness reported today are very encouraging indicators of the strength and potential of the system that is the source of these highgrade zones.”

DPDH002 cut several zones of massive to semi-massive sulphide veins and breccias and was drilled at an elevation of 4,700 metres towards the west to a total depth of 719 metres.

Of the five drill rigs turning at the site, assay results are pending for two other holes drilled at the top of the cliffs, and ongoing drilling in holes DPDH004 and 005 are testing for extensions of the mineralization intersected in DPDH002. Drilling started at Potro Cliffs in January.

NGEx shares traded at $5.53 apiece at press time in Toronto, in a 52-week range of $1.36 and $5.55. It has a market capitalization of $952 million. TNM

The bank’s research shows that declines in carbonate prices have outpaced those in hydroxide prices in China. Even spodumene prices have folded in half to US$40,000 tonne, wiping out margins for spodumene converters (at US$5,000 per tonne) selling carbonate.

The bank suggests some margin on the conversion of carbonate to hydroxide remains, though should current trends persist, it expects the price weakness to bleed through as well.

BofA says lithium chemical suppliers must exercise discipline and pull back on shipments. Albemarle (NYSE: ALB) and Pilbara Minerals (ASX: PLS) could exert considerable influence given their scale in spodumene.

However, where supply restraint was a solution in the past, it’s not a silver bullet in the future. BofA says it is skeptical these producers will try to prop up markets since froth in the lithium price is generally not good for the industry’s health.

“Withholding volume as new entrants commission could prove futile,” wrote analyst Matthew DeYoe. “Should this stage-gate on supply fail, we will likely see more downside to price as new volumes

Winsome Resources managing director Chris Evans. WINSOME RESOURCES

BATTERY METALS SNAPSHOT: EIGHT JUNIORS ON THE HUNT

BY MARILYN SCALES

Without adequate supplies of battery metals, the goal of netzero carbon emissions by 2050 cannot be reached. Here are eight companies who are on the hunt for the metals in North and South America.

n BRUNSWICK EXPLORATION

Brunswick Exploration (TSXV: BRW) is a junior on a mission to find and develop a hard rock lithium source. This company concentrates its efforts on greenfield exploration, looking for new and undiscovered deposits. It has land packages in Saskatchewan, Manitoba, Ontario, Quebec, and the Atlantic provinces that host at least 125 pegmatite dykes.

Its management team is led by two men who were previously with the Osisko team. Executive chair Robert Wares was one of the three original founders of Osisko Exploration, which discovered the Canadian Malartic gold deposit in Quebec and a founder of Osisko Mining (TSX: OSK). President and CEO Killian Charles was vice-president corporate development for Osisko Metals (TSXV: OM; US-OTC: OMZNF).

The team is looking to repeat their success in gold exploration with lithium at its early stage projects.

In Nova Scotia last year, prospecting at Brunswick’s South Mountain Batholith (SMB) property yielded grab samples returning up to 380 ppm lithium. Resampling of historical drill core produced up

to 730 ppm lithium. Work done in the New Ross area identified a 1.8km trend that remains open to the north, south and west.

Prospecting was also conducted at the Caledonia, Hawkshaw and Catamaran properties early last year. The most promising results were from Catamaran, returning anomalous lithium content that potentially indicates the presence of lithium-cesium-tantalum (LCT) pegmatites. Nineteen till samples returned between 58 and 90 ppm lithium. Multiple spodumene pegmatites and coincident lithium till anomalies were noted.

The team also conducted work at the Port-Aux-Basques, Hermitage and Rencontre East projects in Newfoundland, but did not identify

any prospective pegmatites.

Earlier this year, Brunswick raised $7.5 million and kicked off its 2023 exploration season. The money is earmarked for work at its properties across Canada.

Brunswick Exploration has a market capitalization of $166.2 million.

n CANADA SILVER COBALT / CONIAGAS

Canada Silver Cobalt Works (TSXV: CCW; US-OTC: CCWOF) can lay claim to having the highest silver grades in the world — 89,853 grams silver per tonne at the former Castle East mine in northern Ontario, and it hopes to reopen a pair of silver-cobalt mines in the Cobalt silver camp.

Last October, in an effort to manage its numerous battery metals properties, Canada Silver spun out its Coniagas Battery Metals subsidiary by distributing 11.8 million shares and warrants of the subsidiary to Canada Silver Cobalt shareholders.

Chief among these properties is the grassroots Graal nickel-copper deposit in northern Quebec, about 160 km northwest of the town of Saguenay. Canada Silver Cobalt acquired the project in 2020 and has conducted geophysical and airborne surveys and more than 16,700 metres of diamond drilling. The company has been targeting an electromagnetic anomaly traced over a length of 6 km.

Drilling in 2022 returned 0.73% nickel, 0.41% copper and 0.09% cobalt over 28.9 metres, as well as 0.53% nickel, 0.56% copper and 0.08% cobalt over 15.9 metresl. Drilling also cut platinum and palladium.

The company has 14 other prospective battery metals occurrences in the Coniagas portfolio. They contain platinum group and rare earth minerals as well as nickel-copper-cobalt sulphides.

Phase one drilling since 2021 at Graal has returned 1.15% nickel, 0.27% copper, and 0.12% cobalt over 4.1 metre; 0.43% nickel, 0.43% copper, and 0.06% cobalt over 5.8 metres; 0.39% nickel and 0.4% copper over 30.6 metres; and 0.57% nickel and 0.41% copper over 5.8 metres.

Phase two drilling was equally promising: 0.73% nickel, 0.41% copper, and 0.09% cobalt over 28.9 metres; and 0.53% nickel, 0.56% copper, and 0.08% cobalt over 15.9

FE Battery continues to drill at Augustus to complete the first NI 43-101 compliant resource estimate. It also holds two lithium projects in Ontario.

FE Battery has a market cap of $14.8 million.

n FRONTIER LITHIUM

Frontier Lithium (TSXV: FL) has produced a preliminary economic assessment (PEA) covering two hard rock lithium deposits in Ontario’s Red Lake mining district. The PAK and Spark deposits –both part of the 267.7-sq.-km PAK project — have a total spodumene lithium resource of 26 million measured and indicated tonnes grading 1.6% Li2O and 32.5 million inferred tonnes at 1.4% Li2O.

The PEA for PAK and Spark estimates a 26-year conventional open pit with a production rate of 23,174 tonnes lithium hydroxide per year. After taxes, the project has a US$975 million net present value with an 8% discount and a 21% internal rate of return. The study estimated a pre-production capex (including contingency) of US$685 million.

metres.

Although it hasn’t defined a resource yet at Graal, Canada Silver Cobalt released an NI 43-101 report last summer for the project that recommended continued drilling and metallurgical testing.

Canada Silver Cobalt has a market capitalization of $14.2 million.

n FE BATTERY METALS

FE Battery Metals (CSE: FE; US-OTC: FEMFF) has lithium properties in Ontario and Quebec, as well as a silver prospect in northern Quebec.

Its flagship Augustus lithium project is in the Abitibi region adjacent to Sayona Mining (ASX: SYA; US-OTC: SYAXF) and Piedmont Lithium’s (NASDAQ: PLL; ASX: PLL) North American lithium mine, which recently resumed production. Augustus consists of over 270 sq. km surrounding the Val-d’Or mining hub. The location enjoys excellent infrastructure including roads, railway, electricity, water, and a trained workforce.

Augustus was first drilled in the mid-1950s when pegmatite was outlined along an 850-metre strike with an average width of 7.6 metres. Drilled to a depth of 207 metres, the mineralization remains open at depth.

FE Battery acquired the property early in 2021, and in March it reported assays from its first channel samples. Lithium oxide (Li2O) values ranged from 0.01% to 2.8% over 30 cm with an average of 0.67% Li2O. Anomalous amounts of beryllium, cesium, niobium, rubidium, and tantalum were also noted.

The company conducted its initial stage of drilling in 2021 and 2022. Hole LC21-39 intersected three pegmatite horizons including the Main zone, which is 7.3 metres wide averaging 1.54% Li2O at 118.7 metres below surface. The Lower Main zone is 7.3 metres wide grading 1.44% Li2O at a depth of 175.3 metres, and the Upper zone is 5.3 metres wide grading 0.7% Li2O.

In December 2022, metallurgical testing produced a spodumene concentrate from a 200-kg sample that was equal parts drill core and surface samples. The sample grade was 1.46% Li2O. By using dense magnetic separation and flotation, the laboratory successfully created a concentrate grading 6.08% Li2O at a lithium recovery of approximately 85%.

The PAK deposit has a strike length of 500 metres, a depth of 300 metres, and an average width of 45 metres. The mineralization has a very low iron content, making it potentially suitable for the ceramics industry. Measured and indicated resources are 7.2 million tonnes averaging 1.8% Li2O, and the inferred resource is 2.8 million tonnes grading 2.2% Li2O.

The nearby Spark deposit contains an indicated resource of 18.8 million tonnes grading 1.5% Li2O, plus an inferred resource of 29.7 million tonnes at 1.3% Li2O. It has a width of at least 100 metres and a strike length of more than 300 metres.

There are two more pegmatites — Pennock and Bolt — that Frontier recently discovered on its property

The company is taking a phased approach to development with 2026 set for the first production of spodumene concentrate. Chemical grade concentrate production would follow a year later, and lithium chemical production would start early in 2028. It also plans to have a near-zero carbon energy footprint.

Frontier Lithium has a market capitalization of $475 million.

n GRAPHITE ONE

Graphite One (TSXV: GPH; US-OTC: GPHOF) continues to advance its Graphite Creek property on the Seward Peninsula, about 60 km north of Nome, Alaska. The company hopes to be the first graphite producer in the United States.

A prefeasibility study released last year outlined a 26-year project with after-tax numbers including a net present value with an 8% discount of US$1.4 billion, an internal rate of return of 22.3%, and a payback period of 5.1 years.

The pre-production capital costs are estimated to be US$1.24 billion plus US$244.4 million for sustaining and closure costs. An open pit mine and primary processing plant are planned. Over its life, the mine will produce and treat 22.5 million tonnes of ore with an average grade of 5.6% graphitic carbon (Cg).

Run-of-mine ore will be trucked to the mill at the mine site at a rate of about 2,700 tonnes per day. It will be crushed and fed to a closed, single-stage SAG mill circuit

Frontier Lithium CEO Trevor Walker overlooks a channel at the Spark deposit in Quebec. FRONTIER LITHIUM

Graphite One’s Graphite Creek project on Alaska’s Seward Peninsula. GRAPHITE ONE

with cyclones. The major recovery method will be flotation and regrinding, including concentrate filtering, drying, and packaging. Tailings will be dry stacked.

Concentrate will be shipped to Washington state for secondary treatment, which will produce lithium-ion battery anode material on a commercial basis.

The Graphite Creek deposits contain proven and probable reserves of 22.5 million tonnes grading 5.6% Cg and containing close to 1.3 million tonnes of graphite.

Drilling done last year gave the company a 15% increase in measured and indicated resources since the prefeasibility study was published. The measured and indicated portion now sits at 37.5 million tonnes grading 5.14% Cg containing 1.9 million tonnes of graphite (using a 2% Cg cut-off). The increase came as the inferred resource fell 5% to 243.7 million tonnes averaging 5.07% Cg and containing 12.3 million tonnes graphite. Graphite One is currently working on a feasibility study, but has not given a release date for it.

The company has also confirmed that significant graphite grades occur for 4 km from the prefeasibility pit boundary.

Graphite One had a market cap of $179.7 million.

n NOA LITHIUM BRINES

Argentina is the most prolific lithium district in the world, and the newest player there is NOA Lithium Brines (TSXV: NOAL). The company has three 100%-owned salar projects in northwestern Salta province, all within 250 km of each other.

The most advanced project is the Rio Grande salar. The neighbouring LSC property owned by

Pluspetrol, a leading oil and gas company in Latin America, has an estimated resource of 2.2 million tonnes lithium carbonate equivalent (LCE) grading 374 mg per litre lithium, and exploration has only reached 100 metres below surface.

The Rio Grande salar is situated close to the railway, near a provincial highway, and 185 km south of the international road that connects to Chile’s costal ports.

NOA carried out geophysical testing in 2022 at Rio Grande which indicated brine potential in the alluvial fans, recharge area, evaporitic bed, and foothills sediments to a depth of 500 metres, significantly below any depth drilled thus far. A drill campaign has just begun to delineate the brine aquifers, particularly in the alluvial material.

The maximum hole depth that NOA has drilled is 50 metres, and

most of the intercepts were above 350 mg per litre lithium. The company is planning 3,000 metres of drilling in six holes. Tests of drainable porosity, brine chemical analysis, and hydraulic properties are planned. The budget this year is between $5 million and $6 million.

NOA Lithium Brines had a market cap of $41.5 million.

n POWER NICKEL

Power Nickel (TSXV: PNPN; US-OTC: PNPNF) aims to build the world’s first carbon neutral nickel mine at its NISK project in Quebec. The project hosts two deposits, NISK-1 and NISK-2, east of Nemaska Lithium’s Whabouchi mine in the Eeyou Istchee/James Bay area.

NISK-1, the only deposit for which there is an NI 43-101 compliant resource (completed in

2009), is a shallow deposit with 1.3 million measured tonnes grading 1.09% nickel, 0.56% copper, and 0.07% cobalt. It also contains indicated resources of 783,000 tonnes grading 1% nickel, 0.53% copper, and 0.06% cobalt, and 1.1 million inferred tonnes at 0.81% nickel, 0.32% copper, and 0.06% cobalt. Power Nickel is working on aresource estimate for NISK-2.

Last fall, the company completed 14 holes of note, intersecting 10.2 metres grading 1.4% nickel, 0.88% copper, and 0.09% cobalt in hole PN-22-012. Hole PN-22-011 returned 5.2 metres grading 0.99% nickel, 0.68% copper, and 0.06% cobalt.

Power Nickel closed a flowthrough share sale in March that garnered $5 million, with the proceeds earmarked for work at NISK.

The project has access to nearby

hydro, an adjacent major highway and town, and being in Quebec, generous tax credits that cover half of its exploration costs.

Power Nickel has a market cap of $26.5 million.

n STANDARD LITHIUM

Standard Lithium (TSXV: SLI; NYSE: SLI) is advancing a pair of flagship projects in the Smackover formation in southern Arkansas where bromine has been produced for more than 60 years. The formation is one of the world’s largest brine aquifers, stretching from east Texas to Florida.

The company is developing its Lanxess project in partnership with Lanxess Corp., operators of the state’s largest brine processing facilities. Standard Lithium has been

Collecting samples at NOA Lithium Brines’ Rio Grande project in Salta province of Argentina. NOA LITHIUM

SNAPSHOT from / 14

See SNAPSHOT / 16

A Brunswick Exploration geologist in the field in Newfoundland. BRUNSWICK EXPLORATION

A drill rig at Power Nickel’s NISK project in Quebec. POWER NICKEL

Standard Lithium’s industrial-scale, direct lithium extraction facility at the Lanxess South bromine plant near El Dorado, Ark. STANDARD LITHIUM

Drilling at FE Battery Metals’ Augustus lithium project in Quebec. FE BATTERY METALS

FPX Nickel and Japan agree to explore globe for ‘disruptive’ awaruite

BATTERY METALS | JOGMEC also injects $1M into Klow nickel project in British Columbia

BY COLIN MCCLELLAND

Japan plans to fund global exploration by Canada-based FPX Nickel (TSXV: FPX; USOTC: FPOCF) to find low-carbon awaruite while earning into its Klow project in British Columbia, according to a new agreement.

The Japan Organization for Metals and Energy Security (JOGMEC), a government agency, is to cover as much as $650,000 annually for two years in the search for deposits of the nickel-iron alloy that FPX says can often bypass smelting because of its high nickel grade and lack of sulphur.

“A generative alliance represents a significant endorsement of the technical and economic viability of awaruite nickel deposits, which we believe represent a disruptive new source of low-carbon nickel supply

for the electric vehicle battery supply chain,” FPX Nickel president and CEO Martin Turenne said on Apr. 3 in a news release. “The generative alliance has the potential to expose FPX’s shareholders to numerous exploration discoveries on a global scale.”

JOGMEC also plans to invest $1 million to earn 60% of the Klow awaruite nickel project 55 km north of FPX’s similar Baptiste project in central B.C. by the end of March 2026. Other projects FPX and Japan decide to develop are to be funded by the same 60-40 ratio. FPX earns an operator’s fee in the alliance, it said.

The agreement is part of a trend among major Western economies, which formed the Minerals Security Partnership last year to catalyze industry investment and avoid reliance on China and Russia for met-

als. Japan and FPX are aiming to leverage data collected by the company from 2010-14 when it prospected for awaruite in more than a dozen countries across four continents. Developing high-grade nickel that could avoid smelting expenses would improve margins to supply the stainless-steel industry or use what FPX calls relatively simple refining to feed surging demand for electric vehicle batteries.

Baptiste project

FPX says it may consider potential targets from Norway to Australia but declined to be more specific. Awaruite gets its name from a discovery near Awarua Bay, New Zealand. It is typically three quarters nickel to one quarter iron.

The Baptiste nickel project, FPX’s main asset, is part of its Decar nickel district, which covers 245 sq.

km in the Mount Sidney Williams ultramafic-ophiolite complex 90 km northwest of Fort St. James.

A 2020 resource model measured Baptiste to be about 3 km in length, 150 to 1,080 metres in width and extending to a depth of 540 metres. The deposit remains open at depth over the entire system and is covered by an average of 12 metres of overburden, FPX said. It has 2 billion indicated tonnes grading 0.1% nickel for 2.4 million tonnes contained metal, according to the model.

The project has a net present value of US$1.7 billion at an 8% discount rate, according to a 2020 preliminary economic assessment. It would produce 99 million lb. nickel annually for a life of 35 years, assuming an operating cost of US$2.74 per pound.

Testing at Baptiste has shown

the awaruite can be economically recovered through conventional magnetic separation and flotation units to produce a clean, highgrade nickel concentrate, FPX said.

Klow began with a discovery in 2009, followed by delineation of nickel surface mineralization over 1.5 by 1 km. Drilling in 2012 returned 316 metres grading 0.1% nickel-in-alloy from 10 metres depth in hole DH-4.

“Klow is considered to have potential to host a mineral deposit, subject to further confirmation by additional mapping, sampling and drilling activities,” FPX said in the release.

FPX shares rose almost 10% after the announcement, reaching 50¢ apiece in Toronto, valuing the Vancouver-based company at $114.6 million.The stock has traded in a 52-week window of 34¢ and 85¢. TNM

Palladium One surges as Glencore invests in critical minerals explorer

BATTERY METALS | Swiss multinational takes 10% stake in developer of Ontario, Finland projects

BY COLIN MCCLELLAND

Global miner and commodity trader Glencore’s (LSE: GLEN) 10% investment in Palladium One Mining (TSXV: PDM; US-OTC: NKORF), which is developing nickel-copper projects in Ontario and Finland, has boosted the explorer’s stock. Its shares jumped by more than a third after the news on Mar. 30.

Glencore is paying $4.25 million for the stake of about 28.3 million

shares in a deal expected to close by Apr. 11, Palladium said.

Shares in Palladium One gained 37% or 3.5¢ on Mar. 30 in Toronto to 13¢ each before easing to 11¢ near press time valuing the company at $29.9 million. The stock has traded in a 52-week range of 7.5¢ and 26¢.

The Glencore investment combines with Palladium One’s acquisition this month of Ontario-focused MetalCorp to give the Toronto-based Palladium a larger

for a prefeasibility study.

operating an industrial-scale direct lithium extraction (DLE) demonstration plant there since May 2020.

The goal is to produce 20,900 tonnes of battery quality lithium carbonate annually. Lanxess would take 100% of the output. A preliminary economic assessment was published in 2019, and the feasibility and front-end engineering study are currently underway for the first of three production plants, and a new lithium hydroxide plant.

Standard Lithium’s South West Arkansas lithium project is 50 km west of Lanxess and will benefit from sharing the existing infrastructure. The annual production goal is 30,000 tonnes of battery-quality lithium hydroxide. Drilling continues in preparation

Standard’s DLE process will be used to selectively extract lithium and produce battery-quality lithium compounds. The brine is loaded on a sorbent, which is then washed and stripped. The liquid is polished and concentrated to produce lithium carbonate. Then it is converted to lithium hydroxide. Both raw Smackover brine and tailings brine from existing bromine operations can be treated with this process.

The DLE process is modular, scalable, and highly automated. Because it doesn’t require large evaporation ponds, the process is not weather dependent, covers only a few square kilometres, and the company says the finished product will get to market quickly.

Standard Lithium has a market cap of $882.7 million. TNM

scope of projects and more cash on hand. That all-share deal valued at $3.3 million gives it two critical mineral projects in the province and royalties on five others.

Ryan Walker, a mining analyst with Echelon Capital Markets, said Glencore’s investment endorses Palladium’s strategy and the exploration potential at its main Läntinen Koillismaa platinum group elements-nickel-copper project in Finland and the higher-grade Tyko nickel-copper project in northwestern Ontario.

“We view the strategic investment by Glencore very positively,” Ryan said in a note on Mar. 28. “We continue to favour Palladium One’s operating jurisdictions and metal mix, which is well suited for the ongoing green energy transition, especially considering jeopardized supply of several key metals from Russia owing to the ongoing

aggression in Ukraine.”

Palladium One CEO Derrick Weyrauch said the company looked forward to working with Glencore’s team to advance common exploration and development goals.

“This transaction highlights the deep discount to fundamental value and strategy that Palladium One’s shares represent,” Weyrauch said. “By utilizing its financial resources and expertise, Palladium One will continue to execute its strategy of maximizing exposure to critical minerals on a per share basis.”

High-grade discovery

In March, Palladium One said it had discovered a new high-grade zone it’s calling Ember at the 290-sq.-km Tyko project. The discovery is 3.5 km from the Smoke Lake zone on a 20-km-long prospective nickel-copper corridor.

Highlights from the first drilling at Ember include hole TK22-104, which cut 6.9 metres grading 1.1% nickel and 0.3% copper from 32 metres depth, including 1.9 metres of 2% nickel and 0.4% copper.

“The management team has been able to put together a sizeable land package focused on critical minerals,” Wayne Ashworth, head of nickel assets for Glencore, said in a statement. “The exploration results to date have been very encouraging.”

The Switzerland-based miner, which recently launched a bid for Teck Resources (TSX: TCK.A/ TCK.B; NYSE: TECK), also gets rights to buy Palladium One stock in future issues and to name a member of Palladium’s technical committee.

The Läntinen Koillismaa project in north-central Finland holds 38.2 million indicated tonnes grading 0.6 gram palladium per tonne, 0.2 gram platinum, 0.1 gram gold, 0.1% copper, 0.1% nickel and 64.6 gram cobalt per tonne, according to an April 2022 estimate.

The MetalCorp deal, which is expected to close by the end of April, gives Palladium One the North Rock copper-nickel project near Fort Francis, the Big Lake BL-14 copper-zinc-gold-silver project near Wawa and a 2% net smelter return royalty on the Hemlo Annex property held by Barrick Gold (TSX: ABX; NYSE: GOLD) in the same area just north of Lake Superior. TNM

SNAPSHOT from / 15

Palladium One’s VP Exploration Neil Pettigrew with geologist Marrku Iljina at the Kaukua project in Finland. PALLADIUM ONE

The camp at FPX Nickel’s Baptiste project in northern British Columbia. FPX NICKEL

TORONTO STOCK EXCHANGE / APRIL 3-6, 2023

Over the Good Friday-shortened Apr. 3-6 trading week, the S&P/TSX Composite Index inched up 96.8 points or 0.5% to 20,196.69. The S&P/TSX Global Mining Index added 0.41 points or 0.4% to 114.95, and the S&P/ TSX Global Base Metals Index lost 2.51 points or 1.3% to 191.10. The S&P/TSX Global Gold Index rose 18.83 points or 6.1% to 326.40, and spot gold ended the week US$22.20 per oz. or 1.1% higher, at US$2,001.90 per ounce.

Teck Resources saw the greatest value gain over the week, after rejecting an unsolicited, all-share US$23.2-billion bid for the company on Apr. 2 by multinational Swiss miner and commodities trader Glencore. Teck’s Class A shares rose $11.04 each or 13.8% to $91.04 in response, with its Class B shares rising by $9.92 each or 20.1% to $59.27.

A shareholder vote for Teck’s proposed spinout of its metallurgical coal assets (detailed in February) is to be held on Apr. 26. If enough shareholders vote against the coal spinout, it could be seen as support for the board to engage with Glencore on an improved offer.

Teck’s Class A shares carry enhanced voting rights equal to 100 Class B shares, and are controlled by the Keevil family, which is against the transaction and reportedly has the support of major shareholder Sumitomo.

Agnico Eagle Mines added $7.37 per share or 10.7% to close at $76.27. On Mar. 31, the gold miner closed its acquisition of Yamana Gold’s assets and became the sole owner of the Canadian Malartic gold mine in Quebec (it previously held 50%). As part of the transaction, first announced last November, Agnico and Pan American Silver bought Yamana for US$4.8 billion in cash and shares — besting a previous offer from South Africa’s Gold Fields.

On the losing side, Lithium Americas shed $3.86 or 13.1% to close at $25.54. The company announced the start of construction at its Thacker Pass lithium project in Nevada in early March, following a federal court ruling in February that dismissed a challenge of the project by environmental-

TSX VENTURE EXCHANGE / APRIL 3-6, 2023

The S&P/TSX Venture Composite Index retreated by 8.33 points or 1.3% over the Apr. 3-6 trading session to end at 625.85.

The top value gainer was NGEx Minerals, which added $1.69 over the week to close at $5.81. Shares in the company surged on Apr. 4 on a new copper-gold discovery at its Potro Cliffs project in northwest Argentina. Highlights from hole DPDH002, the first at the target, include 60 metres grading 5.65% copper, 2.04 grams gold per tonne and 44 grams silver from 212 metres downhole; 10 metres grading 3.7% copper, 1.51 grams gold and 259.4 grams silver from 574 metres depth; and 4metres grading 5.81% copper, 2.62 grams gold and 81.5 grams silver from 150 metres depth. The San Juan province project is located between NGEx’s Los Helados copper-gold porphyry deposit to the north and Filo Mining‘s gold-copper-silver deposit to the south.

Arena Minerals was the most active Venture issuer during the shortened trading week, with 28.8 million shares changing hands over four days. The stock closed 6¢ lower on Thursday at 57¢ apiece. Arena shareholders voted in favour of a US$227-million allscrip buyout by Lithium Americas on Apr. 6. The move seeks to combine two neighbour-

ing projects operated by the companies in the Pastos Grandes basin, located on the Argentine side of South America’s lithium triangle, close to Lithium Americas’ Caucharí-Olaroz project. The lithium brine project is expected to enter production by June. China-based Ganfeng Lithium, GFL International and their affiliates collectively own about 16% of Arena’s outstanding shares and warrants that, if exercised, would represent a further 6% stake. Lithium Americas said Ganfeng had entered an agreement to dispose of all its Arena securities before the merger closing.

Transatlantic Mining was the week’s biggest percentage gainer, doubling in value to close at 14¢ per share. The company’s most

U.S. MARKETS / APRIL 3-6, 2023

The Dow Jones Industrial Average gained 211.1 points or 0.6% to 33,485.29 and the S&P 500 fell 4.29 points or 0.1% over the Apr. 3-6 trading week to 44,105.02.

Franco-Nevada was the top value gainer, adding US$8.24 to close the week at US$154.04 per share. The company’s shares have been on the rise since First Quantum Minerals announced a month ago it had signed a new draft contract with the Panama government regarding the restart of the idled Cobre Panama copper mine. The proposed agreement, which followed months of complex negotiations, meets the government’s goals outlined in January 2022 regarding government revenues, environmental protections, labour standards and legal protections for both sides. First Quantum is looking to expand the mine from its current yearly throughput of 85 million tonnes to 100 million tonnes per year by the end of 2023. Franco-Nevada derived about 18% of its 2021 revenue from Cobre Panama. The company will report full-year results on May 2 after markets close.

Among the top percentage gainers this week was the world’s third-biggest gold producer Agnico Eagle Mines which gained 10.9% to close at US$56.54. The gains capped off an eventful week for the company

after consolidating its ownership in Quebec’s Canadian Malartic gold mine, on Apr. 3, after buying out 50% partner Yamana Gold. The stock also benefited on Apr. 10, when Agnico and Teck Resources (TSX: TECK.A/TECK.B, NYSE: TECK) closed their previously announced joint venture to advance the San Nicolás copper-zinc project in Mexico’s Zacatecas state. Under the agreement, Agnico Eagle, through a wholly owned Mexican subsidiary, will take a 50% stake in Minas de San Nicolás for US$580 million.

Barrick Gold counted among the top traded issuers on the New York Stock Exchange. It saw 86.9 million shares change

ists, Indigenous groups and ranchers. While the ruling upheld approvals granted by the Bureau of Land Management, it also said the BLM would still need to determine if waste rock and tailings can be stored at the site.

Lithium Americas is nearing completion of its 44.8% owned Cauchari-Olaroz brine project in Argentina. First production at the JV, with Ganfeng Lithium (46.7%) and

JEMSE (8.5%), is expected before the end of the first half of 2023, with full production (40,000 tonnes per year of lithium carbonate) on track for the first quarter of next year. Lithium prices, however, are coming off record highs seen last year and are expected to see a weak period in 2023 as new supply comes online and EV demand in China loses steam. TNM

recent public disclosure was on Jan. 30, when it provided a status update regarding its leaseto-purchase arrangement on the Miller gold mine in Montana. After completing a new mine portal, the company could enter and start cleaning up and dewatering the existing mine development. Transatlantic said

it had passed a substantial volume of mud over a gravity table and found enough visible gold to warrant further mud processing. The dewatered mine workings will give the company access to areas last worked in the 1960s, where recent observations also found visible gold in the wall, roof and floor. TNM

hands during the trading week to close US$1.16 higher at US$19.73. On Apr. 4 Barrick announced an earn-in agreement on Midland Exploration’s Patris property in western Quebec. As part of the deal, Barrick will make cash payments of $1 million and spend$16.6 million on exploration over eight years, giving it up to a 75% stake in Patris.

GREATEST PERCENTAGE

Midland said that the Toronto-based miner would be the operator of the work carried out under the agreement. The Patris gold property, 30 km northeast of Rouyn-Noranda, comprises 298 claims covering a surface area of about 117 sq. km, very close to the Doyon/ Westwood-Bousquet-La Ronde gold mining camp. TNM

METALS, MINING AND MONEY MARKETS

PRODUCER AND DEALER PRICES

LME WAREHOUSE LEVELS

Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening on March 30, 2023 (change from March 23, 2023 in brackets):

Alio Gold Inc. (ALO.WT) - 10 Warrants to purchase one common share of the Issuer at $7.00 until expiry

Alio Gold Inc. J (ALO.WT.A) - One Warrant to purchase one common share of the Issuer at $8.00 until expiry

Aris Gold Corporation (ARIS.WT) - One

Warrant to purchase one Common Share of the Issuer at $2.75 until expiry.

Aris Gold Corporation (ARIS.WT.A) - One

Warrant to purchase 0.5 of one Common Share of the Issuer at $2.75 until expiry

Aris Gold Corporation (ARIS.WT.B) - One Warrant to purchase of one Common Share of the Issuer at $2.21 until expiry

eCobalt Solutions Inc. J (ECS.WT) - One Warrant to purchase one common share of the Issuer at US$1.95 per share until expiry

Excellon Resources Inc (EXN.WT.A) - One warrant to purchase one common share of the Issuer at $2.80 until expiry

Excellon Resources Inc. (EXN.WT) - One

Warrant to purchase one common share of the issuer at $1.40 per share until expiry

Excelsior Mining Corp. (MIN.WT) - One

Warrant to purchase one Common Share of the Issuer at $1.25 until expiry.

Gran Colombia Gold (GCM.WT.B) - One

ABE Resources Inc. (ABE.WT) - One warrant to purchase one common share at $0.15 per share. Alpha Lithium Corporation (ALLI.WT) - One warrant to purchase one common share at $1.10 per share.

Alpha Lithium Corporation (ALLI.WT) - One warrant to purchase one common share at $1.10 per share.

American Cumo Mining Corp. (MLY.RT)2 rights and $0.07 are required to purchase one share

American Lithium Corp. (LI.WT) - One warrant to purchase one common share at $0.30 per share.

Antioquia Gold Inc. (AGD.RT) - One (1) Right and $0.042 are required to purchase one share.

Aurania Resources Ltd. (ARU.RT)Fourteen (14) Rights exercisable for one common share at $2.70 per common share.

Aurania Resources Ltd. (ARU.WT) - One warrant to purchase one common share at $5.50 per share.

Aurania Resources Ltd. (ARU.WT.A) - One warrant to purchase one common share at $4.25 per share.

Aurania Resources Ltd. (ARU.WT.B) - One warrant to purchase one common share at $2.20 per share.

Avidian Gold Corp. (AVG.RT) - Three rights and $0.11 are required to purchase one Share.

Boreal Metals Corp. (BMX.WT) - One warrant to purchase one common share at $0.50 per share.

Boreal Metals Corp. (BMX.WT) - One warrant to purchase one common share at $0.30 per share.

Cabral Gold Inc. (CBR.WT) - One warrant to purchase one common share at $0.80 per share.

Caldas Gold Corp. (CGC.WT) - One warrant to purchase one common share at $2.75 per share.

Cascadero Copper Corporation (CCD.RT)One right and $0.015 are required to purchase one Share.

Cordoba Minerals Corp (CDB.WT) - One warrant to purchase one common share at $1.08 per share.

Cordoba Minerals Corp (CDB.WT) - One warrant to purchase one common share at $1.08 per share.

Cordoba Minerals Corp. (CDB.RT) - One (1)

Right exercisable for One (1) Rights Share at $0.05 per Share.

Cordoba Minerals Corp. (CDB.RT) - One right to purchase one common share at $0.54 per share.

Denarius Silver Corp. (DSLV.WT) - One warrant to purchase one common share at $0.80 per share.

Elevation Gold Mining Corporation (ELVT. WT) - One warrant to purchase one common share at $4.80 per share.

Elevation Gold Mining Corporation (ELVT. WT.A) - One warrant to purchase one common share at $0.70 per share.

Empress Royalty Corp. (EMPR.WT) - One warrant to purchase one common share at

TSX WARRANTS

warrant to purchase one common share of the Issuer at $2.21 until expiry.

Karora Resources Inc. (KRR.WT) - One

Warrant to purchase one common share of the Issuer at $0.50 until expiry.

Liberty Gold Corp. Wt (LGD.WT) - One

Warrant to purchase one common share of the Issuer at $0.90 until expiry may 16,

2019

Lithium Americas Corp (LAC.WT) - One

Warrant to purchase one common share of the Issuer at $0.90 until expiry

Lydian International Limited (LYD.WT)One Warrant to purchase one additional ordinary share of the Issuer at $0.36 per share until expiry

Nevada Copper Corp. (NCU.WT) - One

Warrant to purchase one common share of the Issuer at $0.20 until expiry

Nevada Copper Corp. (NCU.WT.A) - One

Warrant to purchase one common share of the Issuer at $0.22 until expiry

Nomad Royalty Company Ltd. (NSR.WT)One Warrant to purchase one common share of the Issuer at $1.71 until expiry.

Novo Resources Corp. (NOVO.WT.A) - One Warrant to purchase one common share of the Issuer at $3.00 until expiry.

TSX VENTURE WARRANTS

$0.75 per share.

Equinox Gold Corp (EQX.WT) - One warrant to purchase one common share at $3.00 per share.

Eros Resources Corp. (ERC.WT) - One (1) Right exercisable for (1) Unit at $0.05 per Unit.

Falco Resources Ltd. (FPC.WT) - One warrant to purchase one common share at $1.70 per share.

Firefox Gold Corp. (FFOX.WT) - One warrant to purchase one common share at $0.60 per share.

Firefox Gold Corp. (FFOX.WT) - One warrant to purchase one common share at $3.00 per share.

Freeman Gold Corp (FMAN.WT.U) - One warrant to purchase one common share at US$0.65 per share.

Giga Metals Corporation (GIGA.WT) - One warrant to purchase one common share at $0.60 per share.

Giga Metals Corporation (GIGA.WT.A) -

One warrant to purchase one common share at $0.45 per share.

Giyani Metals Corp. (EMM.WT) - One warrant to purchase one common share at $0.60 per share.

Goldstar Minerals (GDM.RT) - One Right to purchase one common share at $0.03 per share.

Goldstar Minerals Inc. (GDM.RT) - One (1) Right and $0.05 are required to purchase one common share. Hot Chili Limited (HCH.WT) - One warrant to purchase one common share at $2.50 per share.

Kaizen Discovery Inc. (KZD.RT) - One warrant to purchase one common share at $0.51 per share.

LaSalle Exploration Corp. (LSX.WT) - One warrant to purchase one common share at $0.15 per share.

Lion One Metals Limited (LIO.WT) - One warrant to purchase one common share at $2.75 per share.

LithiumBank Resources Corp. (LBNK.WT)One warrant to purchase one common share at $2.00 per share.

LSC Lithium Corporation (LSC.RT) - One (1) right exercisable for One (1) Unit at $0.40 per Unit.

Mako Mining Corp. (MKO.RT) - Rights exercisable for One (1) share at $0.10 per share.

Mako Mining Corp. (MKO.WT.A) - One warrant to purchase one common share at $0.60 per share.

Manganese X Energy Corp. (MN.WT) - One warrant to purchase one common share at $0.15 per share.

Maple Gold Mines Ltd. (MGM.WT) - One warrant to purchase one common share at $0.40 per share

Maple Gold Mines Ltd. (MGM.WT) - One warrant to purchase one common share at $0.40 per share

Mexican Gold Corp. (MEX.WT) - One warrant to purchase one common share at $0.12 per share.

Millennial Lithium Corp. (ML.WT) - One

Gladiator Met Gold Digger

Guanajuato Sil

Headwater Gold

Headwater Gold*

Huntsman Exp

Independence G

Independence G*

Inflection Res

Lincoln Mng

Lundin Gold

Marimaca Cop

Mayfair Gold

Mayfair Gold*

McEwen Mng

McEwen Mng*

Novo Resources Corp. (NVO.WT.A) - One

Warrant to purchase one common share of the Issuer at $3.00 until expiry.

Platinum Group Metals Ltd. (PTM.WT.U)One Warrant to purchase one common share of the Issuer at US$0.17 until expiry

Royal Nickel Corporation (RNX.WT) - One Warrant to purchase one common share of the Issuer at $0.50 until expiry.

Sandstorm Gold (SSL.WT.B) - One Warrant to purchase one common share of the Issuer at US $14.00 until expiry.

Sherritt International Corporation (S.WT)Each whole Warrant entitles the holder to acquire between 1.00 and 1.25 additional common shares (as bulletin 2018-0062 table ) determined based on the Applicable Reference Cobalt Price at an exercise price of $1.95 per Warrant at any time prior to the Expiry Date Treasury Metals Inc. Wt (TML.WT) - One Warrant to purchase one common share of the Issuer at $1.50 until expiry.

Trevali Mining Corporation (TV.WT) - One Warrant to purchase one common share of the Issuer at $0.23 until expiry.

warrant to purchase one common share at $4.25 per share.

Millennial Lithium Corp. (ML.WT) - One right to purchase one common share at $4.80 per share.

Millennial Precious Metals Corp. (MPM. WT) - One warrant to purchase one common share at $0.50 per share.

Mineworx Technologies Ltd. (MWX.RT)For every one (1) Share held, Shareholders will receive one (1) Right exercisable for One (1) Share at $0.015 per Share.

Mineworx Technologies Ltd. (MWX.RT) -

One right to purchase one common share at $0.015 per share.

Northern Vertex Mining Corp. (NEE.WT)One warrant to purchase one common share at $0.80 per share.

Novo Resources Corp. (NVO.WT) - One warrant to purchase one common share at $4.40 per share.

Orezone Gold Corporation (ORE.WT) - One warrant to purchase one common share at $0.80 per share.

Orezone Gold Corporation (ORE.WT) - One warrant to purchase one common share at $0.80 per share.

Osisko Development Corp. (ODV.WT) - One warrant to purchase one common share at $10.00 per share. Rock Tech Lithium Inc. (RCK.WT) - One warrant to purchase one common share at $4.50 per share.

Sandfire Resources America Inc. (SFR.RT) -

Forty one (41) Rights exercisable for One (1)

Share at $0.15 per Share.

Sandfire Resources America Inc. (SFR. RT) - Eight (8) Rights exercisable for One (1) share at $0.06 per unit.

Silver Mountain Resources Inc. (AGMR. WT) - One warrant to purchase one common share at $0.70 per share.

Silver Mountain Resources Inc. (AGMR. WT.A) - One warrant to purchase one common share at $0.45 per share.

Star Royalties Ltd. (STRR.WT) - One warrant to purchase one common share at $1.00 per share.

Three Valley Copper Corp. (TVC.WT) - 20 warrants to purchase one Class A common share at $6.66 per share.

Tintina Resources Inc. (TAU.RT) - Nine(9) Rights exercisable for one share at $0.06 per share.

Ucore Rare Metals Inc. (UCU.RT) - One (1) right exercisable for one share at $4.00 per share.

Vision Lithium Inc. (VLI.WT) - One warrant to purchase one common share at $0.15 per share.

Vizsla Silver Corp. (VZLA.WT) - One warrant to purchase one common share at $3.25 per share. Westhaven Gold Corp. (WHN.WT) - One warrant to purchase one common share at $1.00 per share. Yellowhead Mining Inc. (YMI.RT) - One (1) Right and $0.12 are required to prchase one Share

Silvercorp Met*

Multi-Metal*

NGEx Minerals

NGEx Minerals*

Nio Strategic*

Nrthn Lion

OceanaGold

Orogen Roy

Osisko Gold

Osisko Gold* Perpetua Res

Perpetua Res*

Radisson Mng

Regency Silver

Regency Silver*

Sabina Gd&Slvr

Sabina Gd&Slvr*

Gold

Galiano Gold*

Galleon Gold*

Gatos Silver

Gatos Silver*

McFarlane Lake*

Metalquest

Minsud Res

Mirasol Res

Satori Res

Satori Res*

Sigma Lithium*

Silvercorp Met

Sky Gold*

Soma Gold

Strathmore

Tanzanian Gold

Torex Gold

Torex Gold*

Triple Flag U.S. Gold*

Vortex Energy Vortex Metals*

Waseco Res

Westward Gold

Wheaton Prec

Xanadu Mines*

21 New Lows

Atlas Salt

Azincourt Ener*

Cerro Grande*

Dark Star

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